Why Did the Crypto Market Rise Today? Bitcoin Approaches $72,000 as Plummeting Oil Prices and Trump's Statements Become Key Drivers

March 13 News: The cryptocurrency market has strengthened overall today, with the total market capitalization rising about 2.4% to $2.51 trillion. The main drivers of the market rally include improved macro sentiment, falling crude oil prices, and continued institutional capital inflows, collectively pushing Bitcoin and Ethereum prices higher.

Market data shows Bitcoin rose nearly 4% today, approaching the $72,000 level; Ethereum increased about 4.3%, currently around $2,100 at press time. Meanwhile, major cryptocurrencies like BNB, XRP, Solana, and Dogecoin also gained, with Solana and Dogecoin showing more notable increases, indicating a rebound in market risk appetite.

It is noteworthy that this crypto rally has significantly diverged from the US stock market trend. On the same day, the three major US stock indices generally declined, with the Dow Jones Industrial Average dropping 739 points; the S&P 500 and Nasdaq 100 also saw substantial declines. Despite pressure on traditional financial markets, the crypto market has moved independently.

On the macro level, a sharp decline in international oil prices has been a key catalyst. Brent crude oil prices fell over 7% in a single day, easing concerns about inflation pressures. Lower energy costs typically improve global liquidity expectations, creating a more favorable environment for digital assets including Bitcoin and Ethereum.

Meanwhile, short positions in the leveraged market faced squeezes. Data shows that forced liquidations in crypto derivatives over the past 24 hours approached $246 million, mostly from short positions. As prices surged rapidly, highly leveraged shorts were forced to close, further amplifying the upward momentum.

In terms of capital flows, spot ETF products continue to attract investments. Latest data shows Bitcoin spot ETFs have experienced net capital inflows for the fourth consecutive trading day, and Ethereum-related ETFs have seen inflows for three days in a row. Stable institutional allocations are seen as a key support for the current rally.

Additionally, the US market’s price premium indicators have recently risen significantly, reflecting that some institutional investors are willing to buy Bitcoin at prices above the global average. This premium is often viewed as a sign of increased institutional demand.

Political factors also influence sentiment. US President Trump recently stated that the US-China war may be nearing an end. This statement has somewhat alleviated concerns about prolonged geopolitical conflicts and has helped some funds flow back into risk assets, including cryptocurrencies.

With multiple factors at play, Bitcoin remains above $70,000, fluctuating sideways, while Ethereum and mainstream altcoins are also rebounding. In the short term, macroeconomic changes, institutional capital movements, and derivatives market structure will continue to influence the next direction of the crypto market.