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On Friday, the total crypto market cap climbed 1.4 percent, reaching a staggering $1.19 trillion. Guess who led the way? Bitcoin and Ethereum, of course! They both saw gains of around 2 percent, with Bitcoin trading at approximately $27,182 and Ethereum at $1,894 during the early Asian market on Friday.
But here's the kicker: this sudden surge in the crypto market happened right when the United States Dollar Index took a significant dip over the past 24 hours. And you know what? A weakening U.S. dollar is actually great news for Bitcoin and other digital assets!
So, let's hear what analyst Bob Baxley, Chief Technology Officer of DeFi infrastructure platform Maverick Protocol, has to say about the Bitcoin and crypto market outlook.
According to him, we need to keep an eye on the U.S. Treasury's general account, which has seen a significant reduction in recent months. Baxley believes that as the U.S. Treasury reloads its general account, crypto liquidity could be greatly affected.
But wait, there's more! The U.S. Senate recently approved a debt ceiling raise, and investors are going wild! Find out why by checking out our latest article.
It's an exciting time in the crypto world, my friends.
However, Baxley warns us not to let our guard down just yet. Even though a deal has been reached, he reminds us of what happened in 2019 when a similar situation caused strain in the market, leading the Federal Reserve to step in and add emergency liquidity to prevent a crisis. So, let's keep a close watch on these developments, and remember, the journey may not be over!
But here's the kicker: this sudden surge in the crypto market happened right when the United States Dollar Index took a significant dip over the past 24 hours. And you know what? A weakening U.S. dollar is actually great news for Bitcoin and other digital assets!
So, let's hear what analyst Bob Baxley, Chief Technology Officer of DeFi infrastructure platform Maverick Protocol, has to say about the Bitcoin and crypto market outlook.
According to him, we need to keep an eye on the U.S. Treasury's general account, which has seen a significant reduction in recent months. Baxley believes that as the U.S. Treasury reloads its general account, crypto liquidity could be greatly affected.
But wait, there's more! The U.S. Senate recently approved a debt ceiling raise, and investors are going wild! Find out why by checking out our latest article.
It's an exciting time in the crypto world, my friends.
However, Baxley warns us not to let our guard down just yet. Even though a deal has been reached, he reminds us of what happened in 2019 when a similar situation caused strain in the market, leading the Federal Reserve to step in and add emergency liquidity to prevent a crisis. So, let's keep a close watch on these developments, and remember, the journey may not be over!
