Why Crypto Market Is Up Today: Bitcoin Hits $97K Amid Bullish Rebound

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The total crypto market cap edged 3.3 percent higher in the last 24 hours to hover about $3.5 trillion on Thursday, November 28, during the early Asian session. Bitcoin (BTC) price briefly touched $97.3k after a 4 percent rally in the past 24 hours, before retracing to about $95.6k at the time of this writing.

The altcoin industry registered the highest gains led by Ethereum (ETH), which pumped over 7 percent to reach a daily range high of about 3,682. Consequently, nearly $300 million was liquidated from the crypto-leveraged market, mostly involving long traders.

Major Factors That Fueled Crypto Rebound Today

Emergence of FOMO Traders

As Bitcoin price briefly touched $91k, the social calls for buy the dip during this year’s Thanksgiving and Black Friday significantly spiked. The Google trends for Bitcoin searches have reached a new high since May 2022, signaling the re-emergence of FOMO traders in the crypto industry.

Already, the overall Open Interest (OI) in the crypto market has surged to a new all-time high of above $120 billion. With the notable spike in stablecoins supply on different blockchains, it is safe to deduce that the FOMO traders have significantly increased.

Crypto Deregulation in China and Morocco

After banning the crypto market trading since 2017, the government of Morocco has now legalized its adoption. Abdellatif Jouahri, the governor of Morocco’s central bank, Bank Al-Maghrib (BAM), said the bank is preparing a draft law aimed at regulating crypto assets, which is now in the adoption process.

Meanwhile, Chinese companies are gradually adopting the cryptocurrency market led by Bitcoin as the government eases its crackdown on crypto assets. On Thursday, SOS, a Chinese publicly traded company, announced the Board of Directors approved its plan to invest $50M to purchase Bitcoin.

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Rising Demand from Whale Investors

Following the agreed ceasefire between Israel and Lebanon, which signaled potential stability in the Middle East, the crypto market followed major global indexes in a bullish recovery. The overall supply of Bitcoin on centralized exchanges declined by over 15k in the past 24 hours to a new multi-year low of below 2.3M.

The United States spot Bitcoin and Ether ETFs registered positive cash inflows on Wednesday after bleeding on Monday and Tuesday.

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