Crypto Market Rallies as Total Cap Jumps by $53 Billion 

Key News Driving the Market 

BlackRock and Microsoft announced plans to launch a $30 billion fund targeting AI infrastructure. This fund will focus on data centers and energy projects, potentially affecting AI-related crypto tokens. Both companies have a significant presence in the digital asset space, and their move could influence market trends. 

Meanwhile, crypto analyst Michael van de Poppe hinted at the possibility of “the biggest bull run ever.” He points to the upcoming Federal Reserve interest rate cuts in the U.S. as a crucial factor for this potential rally. 

Market Rebounds, Crossing $2 Trillion 

The crypto market cap saw a short-term recovery, pushing the total value back above $2 trillion, now standing at $2.03 trillion. This recent surge has revived investor optimism, hinting at potential market stability. 

JPMorgan CEO Jamie Dimon speculates that the Federal Reserve might cut interest rates by 25 basis points instead of the expected 50. This decision could impact both the stock and crypto markets unpredictably. 

Despite the market’s uncertain direction, there is a possibility of the total market cap approaching the $2.11 trillion resistance level, a point it hasn’t crossed in the past three weeks. 

Bitcoin Holds Ground Above $60,000 

Bitcoin bounced back, avoiding a test of the $57,270 support, and climbed back above $60,000. This recovery suggests that BTC still has some bullish momentum, providing hope for further gains. 

For Bitcoin to break through the $61,725 resistance, a positive reaction to the Federal Reserve’s interest rate cut is essential. A successful breach could turn this resistance into a support level, setting the stage for more upward movement. 

However, failure to surpass this level could result in a pullback to $57,270. Though a drop below this support is unlikely, it could send BTC down to $53,980 if it happens. 

Nervos Network (CKB) Takes the Lead 

Nervos Network’s token, CKB, was the top performer among altcoins, jumping by 14% in the last 24 hours. This surge has caught the attention of many investors, marking CKB as a notable player in the crypto market. 

Currently trading at $0.018, CKB has maintained a steady upward trajectory, following an intra-day high of 313% last week. Despite a correction, the token’s bullish trend remains strong. 

Yet, a bearish reversal remains a possibility. If CKB fails to hold the $0.016 support, the token could drop to $0.012, challenging the current positive outlook.