Ethereum

bullish

Wednesday

Bitcoin

<p>The cryptocurrency market is buzzing with excitement after a strong recovery in the past 24 hours. The total market cap has climbed by 3.3% to reach approximately $3.5 trillion during early Asian trading on Thursday, November 28. Bitcoin (BTC), the leader of the pack, surged 4% to briefly hit $97.3k before settling around $95.6k.</p>   
<p>Altcoins, too, joined the rally, with Ethereum (ETH) soaring over 7% to $3,682. This sudden bullish turn has sparked liquidations worth nearly $300 million. </p>   
<p>Good times ahead? </p>   
<h2 class="wp-block-heading" id="h-what-s-driving-today-s-crypto-surge">What’s Driving Today’s Crypto Surge?</h2>   
<h3 class="wp-block-heading" id="h-thanksgiving-fomo-on-the-rise">Thanksgiving FOMO On the Rise </h3>   
<p>Bitcoin's climb above $91k coincided with a surge in "buy the dip" sentiment during Thanksgiving and Black Friday. Google searches for Bitcoin have reached their highest levels since May 2022, indicating a wave of FOMO (fear of missing out) among traders.</p>   
<p>Already, the overall Open Interest (OI) in the crypto market has surged to a new all-time high of above $120 billion. With the notable spike in stablecoins supply on different blockchains, it is safe to deduce that the FOMO traders have significantly increased.</p>   
<h3 class="wp-block-heading" id="h-morocco-lifts-crypto-ban-after-years"><strong>Morocco Lifts Crypto Ban After Years</strong></h3>   
<p>After banning the crypto market trading in 2017, the government of <a href="https://coinpedia.org/news/from-crypto-ban-to-regulation-in-morocco/" target="_blank" rel="noreferrer noopener">Morocco has now legalized its adoption</a>. Abdellatif Jouahri, the governor of Morocco’s central bank, Bank Al-Maghrib (BAM), said the bank is preparing a draft law aimed at regulating crypto assets, which is now in the adoption process.</p>   
<h3 class="wp-block-heading" id="h-chinese-companies-reinvest-in-bitcoin">Chinese Companies Reinvest in Bitcoin</h3>   
<p>In a significant development, Chinese companies are returning to the crypto space as government restrictions loosen. SOS, a publicly traded Chinese company, revealed plans to <a href="https://coinpedia.org/news/chinese-firm-sos-unveils-50m-bitcoin-purchase-plan-to-boost-global-investment-strategy/" target="_blank" rel="noreferrer noopener">invest $50 million</a> in Bitcoin after receiving approval from its Board of Directors. </p>   
<p>This reflects a growing shift in China’s approach to cryptocurrencies, hinting at further adoption.</p>   [post_titles_links postid="386304"]   
<h3 class="wp-block-heading" id="h-middle-east-ceasefire-boosts-market-confidence"><strong>Middle East Ceasefire Boosts Market Confidence</strong></h3>   
<p>The recently brokered ceasefire between Israel and Lebanon has brought optimism to global markets, including cryptocurrencies. This geopolitical stability has supported a broader recovery, with Bitcoin and other assets gaining strength.</p>   
<p>Adding to this bullish momentum, Bitcoin supply on centralized exchanges dropped by more than 15,000 in the last 24 hours, hitting a multi-year low of under 2.3 million. </p>   
<h3 class="wp-block-heading" id="h-etf-inflows-strengthen-market-sentiment"><strong>ETF Inflows Strengthen Market Sentiment</strong></h3>   
<p>Spot Bitcoin and Ether ETFs in the United States posted positive inflows on Wednesday after suffering outflows earlier in the week. </p>   
<h2 class="wp-block-heading" id="h-faqs">FAQs</h2>   
<div class="schema-faq wp-block-yoast-faq-block">
 <div class="schema-faq-section" id="faq-question-1732770766163">
  <strong class="schema-faq-question">Why is Bitcoin going up today?</strong> 
  <p class="schema-faq-answer">Bitcoin surged from whale buying, reduced exchange supply, and renewed retail and institutional interest.</p> 
 </div> 
 <div class="schema-faq-section" id="faq-question-1732770778926">
  <strong class="schema-faq-question"><strong>How did Ethereum lead today’s altcoin rally?</strong></strong> 
  <p class="schema-faq-answer">Ethereum pumped 7%, driven by stablecoin growth, liquidity spikes, and investor optimism in the altcoin market.</p> 
 </div> 
</div>   
<p><strong>As optimism builds, the market may just be setting the stage for a December to remember.</strong></p>

Top 5 Reasons Why Crypto Market Is Up Today

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CoinPedia News

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