HomeUncategorizedWhy is the crypto market up today? By Cointelegraph

Why is the crypto market up today? By Cointelegraph

October 2, 2023

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The crypto market is up today, with (BTC), Ether (ETH), (XRP), Cardano’s ADA (ADA) and numerous altcoins rallying to start the month of October. Crypto and equities markets responded positively to the United States’ temporary aversion to a government shutdown, bringing the total crypto market cap up $3.7 billion to $1.1 trillion on Oct. 2.

Crypto market 1-day price action. Source: Coin360

Let’s examine three of the major factors influencing today’s crypto market rally.

Bitcoin returns by month. Source: Look Into Bitcoin
Total crypto liquidations in 1-day. Source: Coinglass
Bitcoin short vs. long ratio. Source: Coinglass
Bitcoin Fear & Greed Index. Source: Alternative.me