Crypto markets just added $32 billion in value over a single day. Total valuation now sits at a massive $2.24 trillion.
Plus, Bitcoin finally climbed back over the crucial $65,000 mark. That signals a shift after weeks of sideways trading.
So what exactly sparked this sudden reversal? Let’s look at the numbers and breaking industry news driving today’s market action.
Stripe’s PayPal Talks Boosted Digital Assets Sentiment
Big industry moves often push prices higher. Right now, Stripe is reportedly discussing buying all or parts of PayPal.
Meanwhile, Stripe’s own valuation just hit an impressive $159 billion. PayPal faces intense competition from Google Pay and Apple Pay. So a merger could completely reshape digital payments.
Also, the Blockchain Association just handed Congress a new crypto tax framework. They want stablecoins treated like everyday cash. Furthermore, they suggested a tax exemption for small, daily transactions.
These background developments clearly gave investors a reason to buy. As a result, the total crypto market cap reached $2.24 trillion. However, it needs to break the next massive resistance wall at $2.30 trillion to maintain this bullish momentum.
If sellers take control instead, total valuation could drop back to $2.13 trillion. Thus, volatility remains a real threat right now.
Bitcoin Price Consolidation Shows Bullish Momentum
Bitcoin spent almost three weeks stuck in a tight trading range. It constantly bounced between $65,000 and $70,000.
But the leading cryptocurrency just reclaimed $65,000 after briefly dipping below support. In fact, it’s currently trading around $65,604. This quick recovery shows the recent bearish pressure might finally be exhausted.
Next, buyers will try to push Bitcoin toward heavy resistance at $67,674. Favorable economic news could certainly fuel that upward push.
Yet a failed rally could quickly drag prices down again. If that happens, Bitcoin might test its main support level at $62,893. Dropping below that floor would likely trigger a deeper slide toward $60,860.
Altcoin Capital Inflows Push Morpho Higher
Smaller tokens also joined the recovery party today. Specifically, Morpho emerged as the standout performer with a solid 12% gain.
The token currently trades at $1.76 against broader market caution. Plus, technical indicators like the Chaikin Money Flow show sharp increases. This proves real capital inflows are driving the two-week uptrend.
Therefore, sustained buying could easily push Morpho past its immediate $1.84 resistance. A clean breakout there opens a fast path toward $2.05.
Conversely, traders might start taking profits soon. That selling pressure would force a pullback to the $1.50 support zone. Moreover, a nasty drop to $1.29 would completely erase the current bullish outlook.
Today’s $32 billion recovery offers a nice breather for weary crypto investors. The immediate panic seems to have faded for now.
Still, don’t throw caution to the wind just yet. Markets remain incredibly sensitive to sudden shifts in momentum.
So keep a close eye on those key resistance levels. Watch how Bitcoin handles the $67,674 mark before making any aggressive portfolio moves.