Why did the crypto market pump today? Everything that helped the leg-up
Bitcoin (BTC) was trading at $117,00 as of press time, up 3.3% over the past 24 hours, driven by a weakening US dollar amid a government shutdown.
Unsettled investors are inclined toward a more dovish rate path, which led BTC to reclaim $114,000 and continue climbing as an “instability hedge” bid that often appears when uncertainty collides with softer real-yield expectations.
As Glassnode reported on Oct. 1, reclaiming the $114,000 threshold was enough to trigger cascading liquidations on short positions. This fueled further upside for Bitcoin.
Bitcoin’s performance pulled major cap altcoins up as well, with Ethereum climbing to over $4,300, up 3.9%, while BNB was trading above $1,020, up 1.4% over the past day.
XRP traded at $2.92,…
