The cryptocurrency market saw a significant rise as (BTC-USD) broke through a crucial resistance level and surpassed $37,250 today. This rally is partly due to growing optimism in exchange-traded funds (ETFs) and the cryptocurrency market’s positive reaction to the results of Argentina’s presidential election.
Since the start of October, bitcoin has seen a remarkable rise of more than 30%, suggesting the start of a bull market and providing a stark contrast to the weak trading that followed the May 2022 pullback The recent surge in bitcoin’s value also reflects increased expectations for pro-crypto policies following Javier Milei’s victory in Argentina’s presidential race. This policy change had a ripple effect on related values and the overall cryptocurrency market capitalization, which increased by 1.7% to $1.42 trillion.
The uptrend extends beyond bitcoin, as (ETH-USD) also climbed significantly, by 2.5%, to $2.02k. Large companies related to cryptocurrencies have also benefited from the positive market dynamics. Notable gains were seen in MicroStrategy (+3.1%), Coinbase (NASDAQ:) (+4.4%), Bakkt (+18.5%), Core Scientific (+8.5%), Riot Platforms (NASDAQ:) (+4.4%) and Marathon Digital (NASDAQ:) (+2.6%).
Investors and enthusiasts are closely following these developments as they signal a potential shift in the crypto landscape, with the market reacting favorably to regulatory prospects and policy changes that could shape the future of digital currencies.
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