Why is the crypto market up today?
The cryptocurrency market has risen approximately 3.2% in the last 24 hours, reaching a total market capitalization of $2.8 trillion on March 20. This uptick follows the Federal Reserve's decision to keep interest rates unchanged, hinting at possible cuts later in the year. Major coins like Bitcoin and Ether have seen gains of about 3% and 4% respectively. The market's rise coincides with a broader rally in US equities, particularly the S&P 500 and Nasdaq, which experienced increases of 1.08% and 1.4%. Furthermore, crypto-related stocks such as Coinbase and MicroStrategy have also surged. Speculation around pro-crypto policies, particularly regarding potential updates from former President Donald Trump, is adding to investor optimism. Technical analysis indicates that the market is on the verge of breaking through significant resistance levels, suggesting bullish momentum. The total market cap seeks to push past resistance zones, which would indicate a bullish breakout, with previous lows on the table for consideration, potentially establishing a new upward trend.
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