Meanwhile, $248.85 million in short liquidations helped trigger Bitcoin’s sharp price rally.
Bitcoin Price today surged 3.5% in the past 24 hours, nearing its all-time high of $111,970 after a month of sideways movement. Meanwhile, the global crypto market received a massive boost, adding $150 billion in a single day and driving the total market cap to $3.37 trillion.
But why is the crypto market up today & what’s driving this rally?
One of the major catalysts behind today’s rally is the tariff update from the White House. President Donald Trump announced a new trade deal with Vietnam, under which Vietnam will eliminate all tariffs on U.S. goods. In contrast, Vietnamese exports to the U.S. will continue to face duties ranging from 20% to 40%, a highly favorable deal for American trade.
Bitcoin Price is up today due to a surge in the US M2 money supply, which is a measure of how much money is flowing into the economy. The M2 jumped 4.5% in May, reaching a record $21.94 trillion. This marks the 19th consecutive month of growth. BTC price always tends to follow money supply growth after a few months, so this trend could push prices higher in the coming weeks.
Bitcoin spot ETFs are still pulling in big dollars. On July 2, Bitcoin ETFs saw $407.8 million flow in. Fidelity, Ark Investment, and Bitwise led the pack, seeing an inflow of $184 million, $83million, and $64.9 million, respectively.
Another boost came from short liquidations. In the last 24 hours, traders betting against Bitcoin were forced to close losing positions, about $248.85 million of the total $294.5 million came from short positions. Meanwhile, long traders saw liquidation of $45.80 million according to CoinGlass data.
Meanwhile, it’s not just Bitcoin enjoying the 2.5% rally and trading at around $109,366. Ethereum price today is up by more than 5% trading around $2588, while coins like XRP, Solana, and Cardano have each gained around 5%.
Even memecoins like Dogecoin and Shiba Inu are up by 5%-8%. Meanwhile, overall crypto market sentiment remains bullish for today.
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