By George Ward
On Thursday, the two top crypto-performers, Bitcoin and Ethereum, gave some impressive figures which stimulated the comeback of the crypto market cap towards the one trillion-dollar territory.
Finally, Bitcoin has successfully passed the market marker of $20K and steadily held on to this marker. Ethereum, on the other hand, has not been able to get as far as Bitcoin’s pace, but it has also made some decent gains.
Over the last week, these two assets have experienced an upward spring tremendously. The growth in percentage for Bitcoin is 7.1%, while Ethereum’s growth percentage is 19.8%. The increase is impressive.
In addition, these two assets experienced a significant increase in their market capitalization this past week.
Their growth influenced the growth of other cryptocurrencies, pushing the overall crypto market cap above the $1 trillion mark.
The Influence Of The US Treasury?
However, Arthur Hayes, BitMEX’s co-founder, has raised speculation that the US Treasury is possibly responsible for this upward rise. He explained that the Treasury is trying to stop the complete crumble of Bitcoin and Ethereum and aid its growth.
According to Hayes, the overall plan of the US Treasury is to make a provision for short-term treasury bills and tackle the impending surge with it. However, he added that the present macroeconomic conditions had improved much in ways that enriched the cryptocurrency market.
Over the last few days, there was a decline in the index for US dollars. In contrast, the prices for cryptocurrencies sprang high around the same period. This resulted in a pretty strong rally by the entire market.
It is almost time when tech companies would report their earnings for the third quarter of the year. But, if the giants in that sector (Apple and Microsoft) perform poorly, the industry will inevitably receive harsh criticism.
Hence, that poor performance might negatively impact crypto prices. A decline in crypto prices will also cause a drop in market capitalization, possibly below the $1 trillion mark again. The recent hike in interest by the US fed isn’t also helping the crypto market.