Here's What Happened in Crypto Market Today: What Drives Surge?

Top Crypto Market Stories: BTC Sale, ETH Surge, Fed Rate Cut Hopes

The global crypto market is in the green today. After a slow start to the week, prices picked up momentum across top coins. The total market cap jumped 1.57%, reaching $3.89 trillion. Bitcoin price today is around $117,960.04, gaining over 1% in 24 hours. Meanwhile, Ethereum price today is $3,748.94, up 0.25%. Bitcoin dominance stands at 60%, while Ethereum holds 11%.

Let’s take a look at the top 5 stories in crypto news today.

Galaxy Digital Bitcoin Sale Triggers Ethereum Whale Shift

A massive event shook the market today—Galaxy Digital Bitcoin sale worth $9 billion is now complete. The company helped a dormant whale sell 80,000 BTC, which were originally bought in 2011 at just $0.78. This sudden Galaxy Digital dumps triggered fears of a Bitcoin price crash.

Due to this panic, many traders started moving their funds to Ethereum. In just two weeks, whales bought over 1.13 million ETH, worth $4.18 billion. With BTC stuck near resistance levels and Ethereum gaining momentum, some believe ETH might soon take the lead.

El Salvador Faces IMF Pressure on Bitcoin Law

El Salvador Bitcoin holding policy is facing major changes. The government has reportedly canceled its BTC legal tender law to move forward with an IMF deal. This marks a sharp turn from its early BTC support days.

Quentin Ehrenmann from "My First Bitcoin" stated that the country lacks proper education about crypto. He also noted that public BTC purchases have stopped. Although some small businesses still use BTC via the Lightning Network, there is no major progress on nationwide adoption.

JP Morgan Blocks Gemini Re-Onboarding

In another big story, JP Morgan blocked Gemini from rejoining its services. This comes after Gemini co-founder Tyler Winklevoss accused the bank of trying to block crypto access under a new CFPB rule.

Winklevoss claims JPMorgan is using paywalls to stop fintech and cryptocurrency firms from accessing consumer data. This is causing more friction between traditional banks and crypto players, bringing up fears of Operation ChokePoint 2.0.

Libra Coin Scandal Heads to Court

A major legal case is unfolding around the Libra Coin scandal. Three cryptocurrency entrepreneurs, including Hayden Davis, are being investigated in New York over a shady $280 million token deal.

Reports say a $500K transfer was made to Argentina’s President Milei during a blockchain summit. Davis, however, says that Libra is just a memecoin, not an investment scam. The next court hearing on August 19 will decide if the assets will remain frozen and if Davis will face legal action.

Fed Rate Cut Hopes Ahead of FOMC Meeting

All eyes are now on the upcoming FOMC meeting on July 29–30. President Donald Trump intimidated Jerome Powell, who could potentially cut interest rates, into putting the Fed on the back foot.

If the Fed does cut, however, BTC would blow past $130K, and Ethereum would spearhead a new altseason. If the Fed resists, however, it would precipitate a short-term sell-off in both crypto and legacy markets.

Conclusion: Why is Crypto Rising Today?

So, why is crypto higher today? It's a combination of whale purchases, Ethereum's strength, expectations of a Fed interest rate decrease, and the market rebounding after Galaxy offloaded BTC. Although there are still risks, particularly in terms of legal and policy concerns, today's market really shows new investor demand.

Disclaimer: The article is for general information purposes only. It is not an investment advice or financial suggestion. Prior to making any decision on any financial plan, do your own research.