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The real reason why cryptocurrency prices are soaring today!

 

After Bitcoin returned to the level of 20 thousand dollars and altcoins emerged, the cryptocurrency market capitalization is once again close to 1 trillion dollars.


Some wonder why the cryptocurrency market has soared and how long it will last, according to BitMEX co-founder Arthur Hayes, who believes a strong rally is being fueled by the US Treasury.

What is the reason behind the rise in cryptocurrency prices?

Hayes clarifies that the US Treasury is considering providing the market with short-term treasury bills to counteract the decline.


The rise in cryptocurrency prices also came with improved macroeconomic conditions which became more favorable.


The dollar index showed slight weakness.


In the past five days, the DXY is down 1.77% and the cryptocurrency market has risen in about the same period.


Michael van de Poppe, CEO of Eight Global and lead market expert, also highlights that US Treasury yields are falling.


The increasing strength of the dollar has sent many other financial markets down.


Cryptocurrency prices also fell due to the strength of the dollar.


There were also concerns about global financial instability.


Cryptocurrency prices have reacted positively to the turn of events in the UK political and economic climate.


Liz Truss' budget has wreaked havoc on the UK economy.


So, when she was replaced by former advisor Rishi Sunak, the markets responded positively.


Sunak is widely known as a pro-cryptocurrency figure in UK politics.


Sunak wants to make the UK the center of the world's cryptocurrency.


However, some crypto influencers are criticizing the British Prime Minister for his support of central bank digital currencies.

What can stop the march of cryptocurrencies?

Cryptocurrency prices will depend on whether or not the next interest rate decision by the Federal Reserve will be priced on November 2, 2022.


Many tech companies like Apple will report their earnings in the third quarter.


A bad earnings report could push down cryptocurrency prices.

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