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XRP The cryptocurrency market got off to a strong start, with Bitcoin approaching the US$81,000 mark
The cryptocurrency market ushered in a strong upward trend on Friday. As the total market value increased by 4.07% to US$2.72 trillion, the prices of large digital assets rose significantly, led by Bitcoin and Ethereum. The price of Bitcoin is close to the US$81,000 mark, making it the focus of market attention.
Bitcoin and Altcoin Price Trend
As of 09:15 Turkish Standard Time (TSI), Bitcoin rose 4.12% to US$80,987. Ethereum rose 4.36% to $2,508; Ripple (XRP) rose 5.78% to $1.44; and Solana rose 2.89% to $103.67.
Why did the cryptocurrency market rise?
One of the important factors driving the overall market rise is the inflow of institutional funds. In particular, the large net inflows received by spot Bitcoin and Ethereum ETFs indicate that investor demand for major crypto assets is growing.
On September 3, the spot Bitcoin ETF recorded a total net capital inflow of US$730.87 million. During the same period, spot Ethereum ETF inflows of US$141.39 million. These data show that institutional investors 'enthusiasm for crypto investment has provided important support for the market's rise.
In contrast, the flow of funds in altcoin ETFs is relatively limited. The XRP ETF received a net inflow of US$6.14 million, the Solana ETF received a net inflow of US$6.4 million, and the DOGE ETF received a net inflow of US$419.41 million. ETFs such as HYPE, BNB, LINK, LTC, AVAX, DOT and HBAR did not show net capital flows.
How do FED interest rate expectations affect Bitcoin?
Another key factor driving Bitcoin's rise is expectations about the direction of the Federal Reserve's (FED) policy. Federal Reserve Governor Christopher Waller said that although inflation remained above the 2 percent target, the latest economic indicators showed positive signs of declining price pressures.
Waller pointed out that if data released in the next two weeks supports this trend, he may support maintaining policy rates at current levels. This statement boosted market expectations that the Fed may adopt a more dovish stance.
The reduction in the probability of raising interest rates has increased investors 'preference for risky assets. After Waller's speech, markets expected the probability of a rate hike at the Fed's September meeting to drop to about 50%. This change became one of the main factors driving up the price of Bitcoin.
Why is U.S. crypto regulation important?
Another event that supports market optimism is the advancement of the U.S. crypto regulatory process. Paul Atkins, chairman of the U.S. Securities and Exchange Commission (SEC), said a key procedural vote is expected in the Senate on September 15 on the Clarity Act, which aims to establish a comprehensive regulatory framework for crypto assets.
As the legislative process progresses, the market expects that legal uncertainty about crypto asset operations in the United States is expected to decrease. Clarification of the regulatory framework will help enhance the risk appetite of institutional investors and other market participants.
Under the current pattern, the price of Bitcoin is US$80,987, and the total market value has risen to US$2.72 trillion. Taking into account ETF inflows, Federal Reserve expectations and the U.S. regulatory agenda, this increase is due to both capital flows and improvements in macroeconomic expectations.
