© Stocksak. Crypto Community Speculates on Causes of Crypto Market Suspension
- In the last 24 hours, the global crypto market cap has surpassed $1 trillion.
- The shares of traditional companies like Google, Apple (NASDAQ :), and Microsoft (NASDAQ 🙂 have significantly declined.
- The UK parliament approved cryptocurrency as regulated financial instruments.
The crypto market‘s value in the last 24 hours has crossed the $1 trillion cap by eight billion dollars, and the crypto community is wondering what led to the sudden bullish rally. YouTuber crypto analyst, Michaël van de Poppe, ascribed the situation to some macroeconomic events that happened within the last 72 hours.
After a motion by a member of Parliament, cryptocurrencies were made regulated financial instruments in the United Kingdom. The proposed Financial Services and Markets Bill would, therefore, include crypto assets in its regulation.
Second, the market share for big tech companies saw significant declines just before the cryptocurrency market exploded. According to reports, Alphabet, Google’s parent (NASDAQ:), dropped 9.1% and Microsoft lost 7.7% after the company reported weaker than expected cloud revenue. Values of Nasdaq and Amazon (NASDAQ:) as well as Apple both fell.
Market chart analysts believe that the recent price gains in crypto were not surprising, as the market was due to undergo a major change.
William Clemente is a co-founder and CEO of Reflexivity Research.
Pretty funny that volatility has been so compressed and we’ve become so conditioned as market participants that the slightest 3% move feels like a 15-20% move
In other news: Over 112,500 traders were liquidated over the last 24 hour, with a cumulative loss in excess of $764 million. CoinGlass data indicates that the Bybit cryptocurrency exchange, valued at $1.93million, was the most significant single liquidation. 82% of Binance’s short traders lost $7 million, as Bitcoin climbed to $21,000.
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