Bitcoin Surges Past $65,000 to Mark Two-month High
Bitcoin (BTC) has surged past the $65,000 mark to touch a two-month-high. The biggest cryptocurrency in the world is currently trading at $65,292, up 2.9% over the past 24 hours.
This has consolidated Bitcoin's recovery from an early September slump, which saw prices as low as $53,000. The new uptick in Bitcoin value follows from the announcement by the Federal Reserve of interest rate cuts and China’s new stimulus policy.
Traditional investors are increasingly gaining exposure to the digital asset through newly introduced Bitcoin ETFs. According to data from Farside Investors, investment in such vehicles has been increasing for five days, with close to half a billion dollars pouring in since Federal Reserve Chair Jerome Powell's announcement of the rate cuts.
For the short sellers, the price increase has resulted in more than $154 million of short positions liquidated across all cryptocurrencies in the last 24 hours, while alone, Bitcoin shorts accounted for nearly $74 million of those liquidations, data from CoinGlass showed.
Attention now shifts to the US presidential election in November. Former President Donald Trump has been extremely vocal in his support of the crypto industry, while Democrat Kamala Harris has only recently started speaking about the topic, reportedly talking in a fundraising speech about plans to support "digital assets."
