According to crypto trader Austin Arnold, these three catalysts are triggering massive Ethereum and Bitcoin bull runs

Crypto influencer Austin Arnold says the price of Bitcoin (BTC) and Ethereum (ETH) are both poised to spark another rally amid an influx of bullish news.

In a new video, the Altcoin Daily moderator explains how Visa’s latest move to process transactions on the Ethereum blockchain will trigger the rise of ETH.

“The ETH token acts as a gas for the network. The more activity, the more people in the network have to buy and HODLing ETH has to step on the gas. Basic news like this should tell you something – ETH isn’t going to stay below $ 2,000 forever. “

Regarding Bitcoin, Arnold points out that the flagship cryptocurrency’s increase in mining hash rate is usually a bullish signal.

“Bitcoin’s mining hash rate has just hit a new all-time high. So the miners are not bearish, they try to accumulate as much as possible. And as the famous Bitcoiner Max Keizer once pointed out: “The price usually follows the hash rate.”

The crypto trader and YouTuber add that the growth of stable Bitcoin reserves on the exchanges is another positive signal for Bitcoin and digital assets.

“The stablecoin reserves on crypto exchanges have hit a new all-time high of over $ 10 billion. Cryptocurrency exchanges now hold nearly 16% of the total market value of all stablecoins with a stablecoin market cap of $ 63 billion.

When we see strong inflows of stablecoin into exchanges, it usually means the money is prepared to flow into Bitcoin or other top altcoin. Stable bitcoin inflows are often viewed as a short-term indicator of bullish action for bitcoin, suggesting that the defaulting capital is moving back into BTC. “

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Featured image: Shutterstock / Ajit Bahadur