After a long hiatus, Bitcoin ($BTC ) surpassed $70,000 and started a new bull run.
Bitcoin reached $71,580 overnight, exceeding $71,000 for the first time in more than seven months. The flagship of cryptocurrencies, Bitcoin, briefly rose above this level, then retreated somewhat and is trading at $71,000 as of the writing of the news.
The interest rate cut regulation has begun Bitcoin's rise this year has gained momentum largely after the U.S. Securities and Exchange Commission (SEC) approved spot Bitcoin ETFs in January. Although BTC briefly fell below $40,000 at the beginning of the year, it has largely remained between $50,000 and $70,000.
In addition, the interest rate cut rate of the U.S. Federal Reserve (#FED ) also contributed to Bitcoin's rise. Bitcoin, which fell to 54,000 on September 7, has since entered an uptrend and is preparing to retest the all-time high of 73,700.
Economic and political factors have pushed Bitcoin (#BTC ) higher Bitget Research Chief Analyst Ryan Lee stated that the Fed is expected to cut interest rates by 25 basis points on November 7 to a range of 4.5 percent to 4.75 percent. Lee said, "The interest rate cut reflects an adjustment that needs to be made to connect economic growth and may contribute to the rise of Bitcoin."
Education is turning to Bitcoin It was reported that Emory University has a $ 15 million investment amount of Grayscale Bitcoin Mini Trust. This may be the first example of higher education institutions investing directly in Bitcoin.
CoinShares Research Director James Butterfill emphasized that political developments in Bitcoin prices in the US and the impact on investment resources are great. Butterfill said, "The recent increase in capital inflows may be due to the presence of Republicans in the polls."
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