Crypto Market Up Today: What’s Coinbase CEO’s Role in this Rally?

After a week of downtrend and volatility, the crypto market is currently experiencing a notable rebound, with top cryptocurrencies exhibiting significant surges. This week began on a high note, with optimism and enthusiasm replacing the anxiety, fear, and uncertainty that dominated the previous week's bearish trends.

Notably, this article analyzes the key factors contributing to the crypto market’s prevailing positive sentiment. Let’s unveil them!

Crypto Market Rebounds

The global crypto market is once again in the green zone, reaching $3.76 trillion, marking a significant surge of 3.31%. Key players like Bitcoin, Ethereum, BNB, XRP, and Solana are all showing positive trends, with 3.88%, 4.43%, 3.78%, 4.37%, and 3.43% surges, respectively, over the past 24 hours.

Last week, the industry navigated a challenging landscape, particularly after Donald Trump's announcement of a 100% tariff on China. Consequently, the cryptocurrency sector plummeted to its greatest crash ever on October 11, with the following week still feeling the repercussions. As the space rebounds, analysts and investors are pondering the key catalysts.

US-China Talks

Recently, Treasury Secretary Scott Bessent confirmed that senior Chinese officials will meet this week to address the US-China issues ahead of the APEC Summit in South Korea. Trump and Xi Jinping are expected to discuss trade policies in the meeting. The upcoming meeting between Trump and Xi is expected to resolve outstanding issues, reducing uncertainty and boosting investor confidence.

US Fed Conference Tomorrow

As CoinGabbar reported earlier today, the Fed has scheduled a conference tomorrow. The event will reportedly focus on Bitcoin and crypto payments, underscoring the central bank’s significant shift from its cautious stance. This conference hints at the country’s broader acceptance and adoption of cryptocurrencies.

Fed Rate Cut Anticipations

In addition to the conference, the Fed’s potential interest rate cut has also significantly impacted the crypto market. Despite the prevailing government shutdown and key economic data blackout, the bank is expected to reduce interest rates during next week’s FOMC meeting, scheduled on October 28-29.

Increasing Market Activity

The digital asset industry’s current rise coincides with the soaring trading volume. In response to the recent crash, investors have been accumulating assets, utilizing the ‘buy-the-dip’ opportunity. The trading volume rose by about 40%, hitting $145 billion, and futures open interest surged to $151 billion.

Coinbase CEO Sparks Optimism

In addition to these factors, Coinbase CEO Brian Armstrong sparked widespread optimism, sharing insights on the cryptocurrency investments. He rejected the notion of digital money being ‘too expensive’ for new investors. Adding that “It’s never too late," he stated, “You don’t need to buy a full Bitcoin or ETH to get started.”