The cryptocurrency market is rising ahead of key events and the expectations of a deal between the US and China.
The bearish sentiment within the crypto market seems to be fading away with bullish events and expectations surfacing this week.
The global cryptocurrency market capitalization increased by 4.15% in the past 24 hours to $3.77 trillion, according to data from CoinMarketCap.
Bitcoin BTC $111 263 24h volatility: 2.6% Market cap: $2.22 T Vol. 24h: $56.11 B broke the $111,000 mark with 4.3% gains. Ethereum ETH $4 023 24h volatility: 1.1% Market cap: $485.52 B Vol. 24h: $32.88 B rose 5.2%, surpassing the psychological $4,000 barrier.
The market-wide bullish momentum, consequently, triggered $521 million in 24-hour liquidations ($182 million longs and $338 million shorts), according to CoinGlass data. The dominant short liquidations come as the market’s total open interest increased by 5.8% to $155 billion.
Increased OI shows that traders are open to high-risk trading with strong sentiment.
Macro Bulls Ahead
On Oct. 11, the crypto market witnessed $19.35 billion in liquidations, the largest wipe-out in the industry’s history, after US President Donald Trump threatened to impose an additional 100% tariffs on China.
This wasn’t just another correction since the digital asset ecosystem saw a $400 billion selloff.
With the cooldown around the tariff threats, experts believe that a deal is coming.
Rod D. Martin, founder and CEO of Martin Capital, told NTD that Trump “made it pretty clear” when he marked the Nov. 1 deadline for the latest set of tariffs.
“That tells you that there’s a maneuvering going on, and I think we’re close to a deal,” Martin added.
Moreover, the US Federal Reserve will host its “Payments Innovation Conference” on Tuesday, Oct. 21, starting at 8 am local time. Multiple executives from crypto companies like Chainlink, Paxos, Coinbase, and Circle, to name a few, will attend the event.
The main discussion points are crypto payments, stablecoin use cases, and tokenized products.
On Wednesday, Oct. 22, some C-Levels from the industry, Brian Armstrong, Sergey Nazarov, Mike Novogratz, and Hayden Adams, for instant, will “attend a roundtable with pro-crypto Senate Democrats,” former FOX Business reporter Eleanor Terrett posted on X.
🚨SCOOP: These crypto C-suites are expected to attend a roundtable with pro-crypto Senate Democrats on Wednesday to discuss market structure legislation and the path forward:
📌Coinbase CEO @brian_armstrong
📌Chainlink CEO @SergeyNazarov
📌Galaxy CEO @novogratz
📌Kraken CEO…— Eleanor Terrett (@EleanorTerrett) October 20, 2025
Democratic Senator Kirsten Gillibrand, who strongly supports crypto, will lead the meeting with industry leaders.
Any positive outcome from these events could contribute to the market-wide bullish sentiment, hence pushing the asset prices upward.
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