Why Is The Crypto Market Up Today?

The total crypto market cap (TOTAL) and Bitcoin (BTC) posted recoveries over the last 24 hours. This bounce back came from the US scrapping the 10% tariffs announced on 8 EU countries. This triggered a rise in MYX Finance (MYX) price as well, bringing the altcoin near $6.00

In the news today:-

• President Trump said at Davos that he hopes to sign crypto market structure legislation soon, but Congress remains deadlocked. Ongoing clashes between Coinbase and banking lobbyists over stablecoin yields risk stalling progress and pushing crypto innovation overseas.
• Elliptic reports that Iran’s central bank secretly acquired over $500 million in USDT as the rial crisis worsened. The transactions suggest a state-led effort to stabilize trade and bypass the global banking system using stablecoins.

The Crypto Market Bounces Back Above $3 Trillion

The total crypto market cap rose by $50 billion to $3.01 trillion as market sentiment improved. The rebound followed easing tensions between the USA and the European Union. Renewed risk appetite supported broad gains across digital assets, signaling short-term stabilization after recent volatility.

Improved macro sentiment could extend the recovery. As global financial markets open, bullish momentum may carry over into crypto trading. Strong follow-through buying could lift TOTAL toward $3.09 trillion, reflecting renewed confidence and increased capital inflows across cryptocurrencies.

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TOTAL Price Analysis. Source: TradingView

Upside risk remains conditional on sustained demand. If investor response proves muted, the market may consolidate near the $3.00 trillion level. A lack of momentum could also trigger a pullback, reinforcing $3.00 trillion as a key support zone in the near term.

Bitcoin Aims At Crossing $90,000

Bitcoin slipped below $90,000 over the past 48 hours, hitting an intraday low of $87,250 before rebounding. At the time of writing, BTC trades near $89,832. The recovery suggests short-term stabilization, though investor sentiment remains cautious following heightened volatility across the broader crypto market.

Bitcoin approaching the $90,000 resistance could help restore investor confidence. A decisive move above this level may drive BTC toward $91,298. Breaking that resistance would strengthen bullish momentum and open the path to $93,471, allowing Bitcoin to recover a portion of its recent losses.

Downside risk persists if bullish follow-through fails. A rejection near $90,000 could push Bitcoin back below the $89,241 support. Under that scenario, BTC may slide toward $87,210, invalidating the bullish thesis and reinforcing short-term bearish pressure.

MYX Finance Recovers Sharply

MYX emerged as the top-performing altcoin over the past 24 hours, gaining 16.7%. The token trades near $5.97 at the time of writing. Strong upward momentum reflects heightened investor interest as MYX outperformed the broader crypto market during the latest trading session.

Price action now centers on the $6.07 resistance level. MYX remains supported above the $5.77 local floor, which has attracted buyers. A confirmed breakout above $6.07 could extend bullish momentum, providing the strength needed for a move toward the $7.00 psychological target.

MYX Price Analysis. Source: TradingView

Failure to clear resistance would shift the outlook. Rejection at $6.07 may keep MYX consolidating between $6.07 and the $5.10 support zone. Prolonged range-bound trading would weaken bullish momentum and invalidate the current upside thesis.