- Wall Street experts expect the bullish acceleration in May to the broader encryption market led by Bitcoin.
- The data on the series shows that the investors in the whales on a driver for coding for Altcoins are emerging with less than its value.
The total maximum Crypto market has gained more than 4 percent over the past 24 hours to hover about 3.25 trillion dollars on Thursday, May 8, during the trading session in late North America. Bitcoin price (BTC) increased by more than 5 percent to the highest local level of about 101,784 dollars.
The broader Altcoin market has recorded double -numbers in the past 24 hours, led by Memecoins. ETHEREUM (ETH) price increased by more than 15 percent over the past 24 hours for trade at about $ 2070 at the time of writing this report.
The main powers behind increasing the encryption market today
The effect of short pressure
In the past 24 hours, more than $ 626 million has been filtered from the broader encryption market, as short traders amounted to more than $ 536 million. As a result, the possibilities of short pressure increased significantly, amid prominent greed and bullish feeling.
Federal Reserve Monetary Policy
On Wednesday, the Federal Reserve kept its lending rate between 4.25 and 4.5 percent, and has been widely predicted by Economists in Wall Street. It is worth noting that the risk of increasing recession, Federal Reserve Chairman Jerome Powell, has forced investors to search for alternative investments, with the emergence of encryption assets between the highest.
High demand from institutional investors
Data analysis on the series for the past few days and a strong demand for encryption assets by institutional investors. For example, BTC’s ETF funds have recorded a net cash flow of about $ 1.58 billion since the beginning of May, thus completing a $ 2.97 billion cash flow.
More institutional investors-strategy and metaplanet-benefit from the global stock market to buy more bitcoin and balcony of first-class such as Solana (Sol) and Ethereum.
Geopolitical and commercial developments
The demand for Altcoins and Bitcoin continued to increase global geopolitical tensions and continuous trade war negotiations. Earlier on Thursday, the United States and the United Kingdom Declare Strategic commercial deal.
Meanwhile, tensions between Pakistan and India have pushed more investors to Bitcoin market to hedge against economic uncertainty in the short term.
Organizational incentives
As Coinpedia, US states – including New Hampshire and Arizona have already agreed to legislate everything related to the creation of strategic Bitcoin reserves. More states are expected to follow the same direction in the short term and ultimately the federal government under the leadership of Donald Trump.
As a result, the demand for Bitcoin and the broader Altcoin market continued to grow, especially among institutional investors.
