Here Are The Four Factors Behind Crypto Market’s Latest Surge

Santiment, the market intelligence platform with on-chain and social metrics, has identified the four trends driving the crypto market in one of its best weeks in 2023. In a recent post on X (formerly Twitter), Santiment noted that the four trends include Bitcoin reaching $30,000 again, the XRP and Ripple lawsuit, Reddit’s MOON and DONUT, and Jarome Powell and the Federal Reserve.

📊 These four topics are driving #crypto during one of its best weeks of 2023:

👉 #Bitcoin hitting $30K (again)
👉 #XRP and #Ripple lawsuit
👉 #Reddit’s $MOON & $DONUT
👉 #Powell and the Fed

Check out our breakdown of each as we head into the weekend! 👇https://t.co/BFaK0kSduS pic.twitter.com/f0tP1coI7S

— Santiment (@santimentfeed) October 20, 2023

Santiment noted that Bitcoin reached the now-significant $30,000 mark twice in the past few days, although it dropped below that price each time. Amid the rising Bitcoin price, the Securities and Exchange Commission (SEC) dropped its charges against Ripple, which tried to classify XRP as a security.

The other significant events Santiment noted include Reddit losing its ability to reward and tip fellow community members through MOON’s and DONUT’s. Although these may be considered relatively small tokens, Santiment thinks the situation would impact the crypto market, affecting the influx of funds into Bitcoin and other large-cap cryptos.

Then, there is the macroeconomic dimension driven by Jarome Powell and the Federal Reserve. According to a Santiment analysis, Powell and the Fed are concerned about the economic health of the US, an issue that directly impacts the crypto market.

A cumulative impact of these events caused Bitcoin to spike upwards, recovering from the pullback it experienced after the false ETF approval information earlier in the week. Bitcoin bounced from $28,138 on Thursday to rally above $30,000 during Friday’s trading session. The flagship crypto gained 7.54% in 48 hours before embarking on a minor retracement.

Bitcoin traded for $29,696 at the time of writing, and Santiment thinks the already-mentioned trends will influence the outcome of the crypto market for the remaining days in October 2023.

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