The crypto market saw a boost today with total market capitalization up 3.4% in the last 24 hours to around $1.38 trillion. Bitcoin continued its uptrend, trading around $36,700 today with a 4% increase over the past 24 hours.
Several developments in the crypto space over the past day seem to be driving the positive momentum.
Layergg analyst reported that 16,000 BTC were withdrawn from Binance in the last 24 hours. This large transfer of Bitcoin off of one of the biggest exchanges reduces the amount available for potential selling. When supply is lower on exchanges, it can lead to increased scarcity and upward price pressure.
There is growing speculation that the SEC could approve a spot Bitcoin ETF between now and November 17th. The SEC has previously only allowed Bitcoin futures ETFs to launch, but a spot ETF would bring significant new institutional demand. Just the possibility ahead of the November deadline has gotten traders excited.
$150 million worth of APT tokens held by early contributors and investors in Aptos will unlock on November 12. This is seen as a milestone for the layer-1 blockchain project, although the unlocking could lead to some selling pressure as investors take profits. Overall though, increasing the circulating supply is positive.
Polygon announced it is partnering with NEAR Foundation to develop a Wasm zero-knowledge prover. This will help expand Polygon’s layer-2 scaling solutions. Polygon also hinted at an important announcement coming on November 14th, further boosting hype.
The confluence of these factors – reduced Bitcoin exchange supply, speculation on a spot BTC ETF, project milestones being reached, and other ecosystem developments – are giving traders confidence and driving the crypto market higher today. The sustainability of the rally will depend on whether the positive momentum can be maintained.
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