Why is Crypto Market Up Today (Oct 24)

The crypto market is glowing green as bullish sentiment returns. This comes amid positive developments with different factors driving its move upward.

Main Drivers Supporting Today’s Upward Movement

The total value of the crypto market has increased by over $50 billion in the last 24 hours, according to TradingView data. Bitcoin is now trading above $110,000 again. This shows that there is new optimism, driven by several important developments.

New data from Arkham Intelligence shows that the Trump Insider Whale has closed his Bitcoin short positions worth $227 million, earning a profit of $6.4 million. This change suggests he has shifted from a negative to a positive outlook. It indicates that many large traders expect the crypto market to rise further.

Meanwhile, speculation about favorable policies from the U.S. Federal Reserve has driven market enthusiasm. Analyst Alex Mason reported that the Fed is preparing to inject an estimated $1.5 trillion into the economy following expected rate cuts in October and November. Bullish expectations for the market as a whole have increased due to the possibility of new liquidity.

Today’s Consumer Price Index (CPI) release has added to the positive sentiment.  Market expectations stand at 3.1%, compared to last month’s 2.9%. Traders are betting that a cooler reading could push the Fed toward another 25 bps rate cut.

Trump’s Political Moves Create Positive Sentiment In the Market

In a surprising development, Donald Trump granted a presidential pardon to Binance founder Changpeng “CZ” Zhao, who was previously convicted of banking-related violations. The announcement sent BNB soaring and lifted the market.

The pardon follows Trump’s signal of renewed talks with China, scheduled for Washington later this month. Bitcoin immediately responded, surging above $111,000.

Adding to the upbeat tone, the Coinbase CEO shared that the U.S. crypto market structure bill could be passed before year-end. Speaking from Capitol Hill, Armstrong noted that both Senate Democrats and Republicans are “90% aligned” on the legislation. This aims to clarify the rules around trading, custody, and stablecoins. 

The positive momentum has spilled over into several altcoins. Top gainers include FTX Token (FTT), which rose 16.9% amid new rumors of a possible pardon for Sam Bankman-Fried (SBF).

ASTER also rose by 13.5% after introducing its Rocket Launch Program. This includes a $200,000 incentive pool to encourage trading and improve liquidity. The project also gained support from CZ, who endorsed Aster’s hybrid DEX model. WLFI performed well, rising 13% and outpacing the crypto market’s 2.3% daily gain.