Motive Behind the Crypto Price Rally

• Bitcoin and other altcoins are now recording steady green bars once again after months of sluggishness but how long can this last?
• Analysts and experts think that the US Treasury could be the fountainhead of the current price rally.

The dark times might be bidding farewell to the crypto world. Crypto prices are exhibiting a bullish sentiment and this can be demonstrated by the escalating prices in crypto assets.

After a very bumpy ride in the crypto market, Bitcoin and other altcoins are now recording steady green bars once again after months of sluggishness.

The uptrend in crypto assets has generated an aura of suspense as responsible parties are wondering what could be behind the surprise rally in prices and how long the rally will last.

Several analysts and experts reckon that the US Treasury could be the fountainhead of the current price rally.

Why Are Crypto Prices Are Zooming

According to the co-founder of BitMEX, Arthur Hayes believes that the current crypto price rally could be brought about by the US Treasury’s plans to supply the market with short-term treasury bills. Additionally, The crypto prices upsurged as the macroeconomic conditions improved and became more favorable. The dollar index highlights a slightly weakening greenback currency.

Also, a market expert and CEO of  Eight Global, Michael van de Poppe stresses that the US Treasury yields are plummeting. The dollar’s increasing strength led other currencies in the global market down the drain. Crypto prices were not left behind as the greenback built up.

Pro-crypto Sentiment in the UK Politico-Economic Climate

Amid a government crisis, Liz Truss picked up following Johnson’s resignation on September 6. In the 50 days of Liz’s governing power, her budget led the UK economy into pandemonium. Therefore as she was replaced by the former Chancellor Rishi Sunak, the markets responded positively.

It is good to note that Rishi Sunak is prominently known as a pro-crypto figure in UK politics. The United Kingdom lawmakers voted in favor of discerning Bitcoin and crypto as legal payment methods. Despite Runak’s great support of Central Bank Digital Currencies, the Prime Minister is focused on making the UK a crypto hub for the whole world.

Crypto Prices Today

The king of crypto is currently trading above the $20,000 mark, a 6.77% surge in the last 24 hours. As Bitcoin trades at $20,602.11,  the preceding coin-Ethereum is making a buzz on coinmarketcap, registering a 13.85% surge in the last 24 hours marking the $1,532.49 spot.