BTC has risen to $69,000. Will it break new highs next?
As the world's largest cryptocurrency by market value, Bitcoin's price has soared all the way to a record high. The current trading price is firmly at $69,611, up 3.36% in 24 hours. At the same time, the entire cryptocurrency market is also booming, with a total market value of $2.48 trillion, up 3.5% in 24 hours.
Former President Trump really loves cryptocurrency. At the Bitcoin Conference in Nashville, he made a bold statement that he wanted to make the United States the "global cryptocurrency capital" and a "Bitcoin superpower." He said that if cryptocurrency really becomes the mainstream in the future, then mining, casting, and trading must be done in the United States! As soon as this was said, traders were full of confidence and felt that the spring of Bitcoin had come again.
Trump also plans to fire Gary Gensler, the current chairman of the U.S. Securities and Exchange Commission, as soon as he takes office, and replace him with a new head who is more friendly to cryptocurrencies. This news also added fuel to the market.
Let's talk about inflation. Inflationary pressure has eased a lot recently, and everyone is looking forward to the Fed's interest rate cut. This interest rate cut will reduce the cost of borrowing money, and everyone will be more willing to invest in high-risk and high-return markets such as cryptocurrencies. Now, everyone is eagerly waiting for the Fed's meeting on July 31 to see what their attitude is.
Those bigwigs in the cryptocurrency industry, that is, what we call "whales", have also been hoarding goods crazily recently. The Unusual Whales platform said that whales bought happily over the weekend. Their purchases made the market even more lively, and it felt that the upward momentum could not be stopped.
The price of Bitcoin is about to hit the $70,000 mark, but it has been stumbling along the way. The bulls seem to be a little powerless at this level, and they fall as soon as they rush.
Buyers are trying hard to push the price up, but it seems a bit difficult. However, Bitcoin is a coin with a story. Maybe one day it will surprise you and rise sharply.
