Today, the crypto market has risen today, 2 March, despite the escalating geopolitical situation in the Middle East.
The following is a summary of the information that you will find on this page.
- On Monday, the crypto market was stable despite the start of war in Iran.
- As the impact of the financial crisis was limited, this rally took place.
- A dead cat bounce is a temporary rebound of a declining asset.
BitcoinBTCEthereum (ETH( ) has risen to $2 065. Coins like Near Protocols, Morphos, Virtuals Protocols, Jupiters, and Pudgy Penguins were also among the top gainers. All coins’ market capitalization jumped up to more than $2.38 billion.
Crypto market grew as economic impact increased war in the Middle East The market remained subdued. As an example, Dow Jones Index fell by only 140 points, but Nasdaq 100 recovered from earlier losses, and ended the day in a positive manner.
Brent crude oil prices rose less than anticipated, Brent reaching $78 while West Texas Intermediate reached $73. As the war broke out, it was expected that both benchmarks would rise above $100.
The inverse is likely to be the reason behind the recent crypto-market rally. The rumor mill and the media are both interested in selling rumors. Investors dumped Bitcoin, other currencies, before the war and now are buying the news.
The crypto market also continues to rise as traders expect that Israel, Iran and the United States will soon reach an agreement on a ceasefire. The odds of a truce occurring by the 31st March have risen to 46%. The odds that it will happen by April 30 have also increased to 66%.
Crypto market rises after relatively positive US macrodata. According to S&P Global, the manufacturing PMI rose from 50.4 in January to 51 in February. ISM also reported that manufacturing PMI increased from 51.7 in January to 52.4 during the same time period.
Michael Saylor and Tom Lee: Strategy in the meantime BitMine continued accumulating Bitcoin and Ethereum were both popular last week. BitMine acquired over 50k Ethereum, and Strategy purchased over 3,000 Bitcoin. These companies are continuing to buy despite suffering billions of losses.
There is also the possibility that this current crypto-market rally could be a dead cat bounce. DCB is when a declining asset briefly bounces back and resumes its downward trend.
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Source: crypto.news
