The host of the channel The House of Crypto said that he knows exactly why the crypto market has started to rise in the last 24 hours. He opened up about two important dates coming up in the next few weeks that could lead to price increases across the cryptocurrency market.
Discussing the M2 money supply, he said that as the global money supply increases, it pushes up the price of Bitcoin. Various factors are contributing to this increase in the money supply, and it’s not just the upcoming interest rate changes that everyone is talking about.
The host then opened up about an event on September 16th that many people believe will trigger a big market pump. However, the host disagrees and points to an earlier event on September 6th as the real catalyst. On this date, the U.S. non-farm payroll announcement will be made.
Recently, Federal Reserve Chairman Jerome Powell hinted that it’s time for rate cuts, and since then, the market has started to rise. The U.S. dollar index (DXY) dropped significantly, indicating a weaker dollar, which creates a better investment environment. As interest rates are expected to drop, people will likely move money out of the U.S. dollar and into other currencies, boosting the money supply and extending the bull market for at least another year to a year and a half.
He also discusses an important event coming up: a debate that is likely to cause major fluctuations in the price of Bitcoin. This debate, which happens in the middle of September, is expected to be the second big catalyst for the crypto market.
The host points out that everything seems to be coming together perfectly—the money supply, potential fee cuts, and the possibility of a pro-crypto government in the US. All of these factors are making the market look very positive.
