Bitcoin (BTC) is back to levels not seen in nearly two months as it pushed past the $65,000 mark during U.S. morning hours on Thursday.
The largest cryptocurrency by market cap traded just shy of $65,400 at press time, up 2.7% over the past 24 hours. The broader CoinDesk 20 Index was higher by 1.6% over the same time frame, with Caradno (ADA), Avalanche (AVAX) and NEAR Protocol (NEAR) all outperforming bitcoin's advance, but ether (ETH) modestly underperforming.
Bitcoin's rise began last week when the U.S. Federal Reserve slashed interest rates for the first time since the Covid pandemic more than four years ago, opting to cut by 50 basis points instead of the previously expected 25 basis point move. Traders anticipate another cut to come at the Fed's next meeting on Nov. 7, with current betting favoring another 50 basis point reduction, according to the CME FedWatch Tool
The more immediate catalyst Thursday for not just bitcoin, but global markets in general, was China, where authorities are reportedly considering injecting up to 1 trillion yuan ($142 billion) of capital into that country's biggest state banks in an effort to revive the struggling economy.
China's Shanghai Composite jumped another 3.6% and is on track for its best week in a decade. European shares rose about 1% and U.S. stocks are also in the green, though off their best levels hit earlier Thursday.
The news also moved prices for precious metals, with gold rising to a record high above $2,700 per ounce and silver hitting its strongest level in 12 years.
With BTC's rising price comes a renewed interest in the recently flagging U.S.-based spot bitcoin ETFs. BlackRock’s iShares Bitcoin Trust (IBIT), for instance, reported large inflows on Wednesday, with investors adding nearly $185 million of fresh money to the fund, according to Farside Investors. This followed an inflow of $98.9 million the previous day and comes after weeks of flows that were flat to negative alongside bitcoin's poor price action.
