The post Why is the Crypto Market Up Today? Here’s What’s Driving the Big Jump appeared first on Coinpedia Fintech News
Bitcoin Price today surged 3.5% in the past 24 hours, nearing its all-time high of $111,970 after a month of sideways movement. Meanwhile, the global crypto market received a massive boost, adding $150 billion in a single day and driving the total market cap to $3.37 trillion.
But why is the crypto market up today & what’s driving this rally?
US-Vietnam Trade Deal
One of the major catalysts behind today’s rally is the tariff update from the White House. President Donald Trump announced a new trade deal with Vietnam, under which Vietnam will eliminate all tariffs on U.S. goods. In contrast, Vietnamese exports to the U.S. will continue to face duties ranging from 20% to 40%, a highly favorable deal for American trade.
M2 Money Supply Gives Bitcoin a Push
Bitcoin Price is up today due to a surge in the US M2 money supply, which is a measure of how much money is flowing into the economy. The M2 jumped 4.5% in May, reaching a record $21.94 trillion. This marks the 19th consecutive month of growth. BTC price always tends to follow money supply growth after a few months, so this trend could push prices higher in the coming weeks.
Bitcoin ETFs Attract Big Money
Bitcoin spot ETFs are still pulling in big dollars. On July 2, Bitcoin ETFs saw $407.8 million flow in. Fidelity, Ark Investment, and Bitwise led the pack, seeing an inflow of $184 million, $83million, and $64.9 million, respectively.
Short Traders Got Wiped Out
Another boost came from short liquidations. In the last 24 hours, traders betting against Bitcoin were forced to close losing positions, about $248.85 million of the total $294.5 million came from short positions. Meanwhile, long traders saw liquidation of $45.80 million according to CoinGlass data.
Altcoins Join the Rally
Meanwhile, it’s not just Bitcoin enjoying the 2.5% rally and trading at around $109,366. Ethereum price today is up by more than 5% trading around $2588, while coins like XRP, Solana, and Cardano have each gained around 5%.
Even memecoins like Dogecoin and Shiba Inu are up by 5%–8%. Meanwhile, overall crypto market sentiment remains bullish for today.
Top Crypto Gainers And Losers Today
Top Gainers:
Bonk: +22.36%, now at $0.0000172
Dogwifhat (WIF): +18.4%, now at $0.94
Celestia (TIA): +15.75%, now at $1.63
Top Losers:
Four (FORM): −3.3%
Pudgy Penguins: −2.3%
Bitcoin Cash: −0.26%, now at $504