๐ฑ๐ฅ Bitcoinโs (BTC) Big Splash: Reaches $70K, the Bull Run Begins! ๐
After a long wait, Bitcoin ($BTC) has surged past the $70,000 mark, igniting a fresh bull market. Overnight, it climbed to $71,580, breaching $71,000 for the first time in over seven months. Bitcoin, the flagship cryptocurrency, briefly rose above this level, then dipped slightly, trading at $71,000 as of this report.
Interest Rate Cuts Boost Bitcoinโs Rally
Bitcoin's rise this year 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 early in the year, it stayed largely between $50,000 and $70,000. The Federal Reserve (#FED) interest rate cuts further fueled Bitcoin's climb. After dipping to $54,000 in September, Bitcoin began a new uptrend, now targeting its all-time high of $73,700.
Economic and Political Winds Favor Bitcoin
Ryan Lee, Chief Analyst at Bitget Research, noted the Fed's anticipated rate cut on November 7 by 25 basis points to a range of 4.5% - 4.75%. Lee commented, "This adjustment could connect economic growth and support Bitcoinโs upward movement."
In addition, developments in the U.S. presidential election have positively impacted Bitcoin. With Vice President Kamala Harris and crypto-friendly Donald Trump in a tight race in key states, the market has an optimistic outlook. Polls on Polymarket show Trumpโs potential victory favorably priced in the crypto market.
Institutions and Education Embrace Bitcoin
It was reported that Emory University has invested $15 million in the Grayscale Bitcoin Mini Trust, marking a potential milestone as higher education turns to Bitcoin.
Political Impact on Bitcoin Prices
James Butterfill, CoinSharesโ Research Director, highlighted that political factors in the U.S. are increasingly impacting Bitcoinโs price and investment trends. He noted, โThe recent influx of capital could be tied to the Republican presence in the polls.$BTC