In a striking move, Bitcoin price has started pumping today, with it surging past the $106K mark and eyeing new weekly highs in a potentially continued rally ahead of the last trading session of this week in the U.S. stock markets.
As per TradingView data, Bitcoin is currently trading at $106,420—up 1.53% in the past 24 hours. It has a 24-hour trading volume of 38.96%, slightly lower than average.
Following Bitcoin, leading altcoins like Ethereum (ETH) and XRP have also caught an upward momentum, both the alts looking to break above key resistance levels. At the time of writing, Ethereum is trading near $2,560—up 1.48% in the past 24 hours, while XRP is struggling to surge past its daily high of $2.176.
Why is the crypto market pumping today?
The crypto market’s sudden upward surge today appears to be driven by a confluence of factors. One of the factors is heightened optimism surrounding regulatory clarity in the U.S., like the passage of the stablecoin bill. Moreover, Donald Trump’s recent remarks on Jerome Powell about his view on rate cuts could also be a reason for this strong push.
The market is currently experiencing renewed bullish momentum heading into the week’s final trading session. Moreover, macroeconomic cues, including a recovering U.S. stock market and the anticipated establishment of a Strategic Bitcoin Reserve as ordered by President Trump, are further fueling the rally ahead of the weekend. It is also coupled with increased Bitcoin demand from corporate treasuries.
Also read: Will Bitcoin Price Close Below 50-DMA As BOJ Pushes for Rate Hike?
