Bitcoin Surges Following Trump’s Crypto Announcement
In a remarkable turn of events, Bitcoin (BTC) has experienced a substantial surge of 7% within the last hour, soaring past the $92,000 mark. This rally was catalyzed by former President Donald Trump’s recent announcement regarding the establishment of a strategic reserve for cryptocurrencies. Following this news, Bitcoin’s price has risen approximately 15% from its recent lows of around $78,000.
Notably, analysis indicates that this rally is primarily driven by robust spot demand rather than mere speculative trading. This trend suggests an organic and healthy upward movement in the cryptocurrency market. The Spot Cumulative Volume Delta (CVD) data reveals that buyers are currently taking the lead, with an impressive influx of over $200 million in spot inflows recorded within the past hour.
In contrast, futures open interest has seen a decline, which further substantiates the notion that this price surge is being fueled by actual buying activity rather than leveraged speculation. This scenario bodes well for the overall stability and sustainability of Bitcoin’s recent gains.
Spot CVD (Source: Glassnode)
