• The crypto market is up today as Bitcoin price hit a new year-to-date high and Ripple’s victory against the SEC appears to lift the entire market.
• Factors influencing today’s crypto market rally include crypto liquidations, cooling US dollar index (DXY) and buzz around the potential for the first Bitcoin ETF approval in the US.
• XRP led the rally on July 13, reaching a 1-year high of $0.93 and gaining over 75% on the day while Bitcoin price reached above the year-to-date high of $31,800.
Today’s Crypto Market Rally
The crypto market is up today as Bitcoin price hit a new year-to-date high and Ripple’s victory against the SEC appears to have lifted the entire market. XRP led this rally on July 13, reaching a 1-year high of $0.93 and gaining over 75%. Meanwhile, Bitcoin price reached above its year-to-date high of $31,800.
Factors Influencing Today’s Rally
Several factors have contributed to today’s crypto market rally including:
1. Crypto Liquidations
Today’s rally has fueled a wave of short position liquidations across the market totaling over $180 million in 24 hours with XRP seeing most liquidations at $27.3 million worth in shorts being liquidated within one day alone.
2. Cooling US Dollar Index
The cooling U.S dollar index (DXY) has been positive for risk assets such as cryptocurrencies with investors viewing it as an opportunity to increase sentiment for them when DXY retracts further after CPI data showed smallest 12 month jump since March 2021.
3. Bitcoin ETF Buzz
Speculations around potential for first ever Bitcoin ETF approval in U.S were reignited after Ripple Labs’ victory against SEC which has made it difficult for Chairman Gary Gensler to reject current round of applications filed earlier this month .
Today’s crypto markets rallied due to various factors such as cryptocurrency liquidations, cooling DXY index and renewed interest in potential approval of first ever U..S based Bitcoin ETF application .