Why Is Crypto Pumping?
The leaders for the last 24 hours are as follows: Cardano gained 14%, Ethereum is up by 11%, Solana goes with a 10% growth, and Dogecoin surged by 7%. Bitcoin added 4% to its value and surpassed the $20,000 mark.
Why Is Crypto Up?
Why is crypto going up today? The first reason comes from the UK torn by an economic crisis. The new British Prime Minister who took office today is a proponent of crypto – when Rishi Sunak was Chancellor of the Exchequer (finance minister) under PM Johnson, he said he would turn Great Britain into a global crypto hub. The crypto experts who worked with Sunak in previous years hailed his appointment today.
During his tenure as finance minister, Sunak introduced the Financial Services and Markets Bill with the UK economic strategy. And here’s the second answer to the question “why is crypto up today?” – on October 25, the lower house of the British parliament voted to recognize crypto as “regulated financial instruments” in this bill. This means that the government will bring stablecoins into the UK payments system and “enable consumers to use stablecoin payment services with confidence.”
The third answer comes from the US where equity markets are soaring these days – Nasdaq is up 1.7% and S&P 500 gained 1.2%. Bitcoin and other cryptocurrencies are largely correlated with the US tech stocks, and their price dynamic strongly affects the crypto market. It is supposed that equities grow as the US Federal Reserve strives to tackle inflation without bringing the economy into a new recession.
Use Handy Solutions to Take Profit from Volatility
While it may be early to judge if the new bull run is upon us, the market has reacted: ChangeNOW is experiencing a surge in exchange activity as you read this. Users made almost 15% more cryptocurrency swaps compared to the previous days.
This number confirms: crypto enthusiasts are quickly seizing the opportunity to profit that the market offers. They understand that in a volatile environment, fast decisions are king: when the crypto is pumping, every minute is important if you don’t want to lose the potential gains. If we do see that cryptocurrencies grow over the next weeks, now may be the perfect time to enter the market – as the accumulation phase unfolds. Please, don’t take this as financial advice and do your own research prior to any trade.
How Do I Protect My Funds In a Bull Run?
But when the market activity soars, all risks grow – including those related to security of funds. Hackers become more active and hunt for poorly secured wallets. Centralized exchanges are well-protected, but still not truly secure – they store your private data that may be leaked, and also they have the technical means to freeze your account if they find it necessary.
In NOW Wallet, we took care of all these threats. You don’t have to worry about the security of your funds – your private keys are stored locally on your device and protected by several layers of encryption. You are the owner of your coins. Once the uptrend reaches its highest point, you can easily exchange or sell crypto right within NOW Wallet or via ChangeNOW instant swap platform.
Stay safe, and we wish you good gains in today’s rally!
