SOME FACTORS LEADING TO THE BITCOIN RISE
The report shows optimism in the cryptocurrency market as Bitcoin recently rose to $69,000. Experts predict that the coin could reach a new record high in the coming weeks.
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Some of the key factors driving the Bitcoin price uptrend include:
Macroeconomic conditions: In particular, the possibility of the US Federal Reserve (Fed) cutting interest rates, providing investors with more liquidity and encouraging investment in risky assets such as cryptocurrencies.
April 2024 Halving: Miner rewards cut, limiting new Bitcoin, contributing to price surge.
Institutional Inflows: SEC approval of 11 spot Bitcoin ETFs has injected billions into the market, with firms like BlackRock leading the way.
Spot ETFs give institutions easy access to Bitcoin without having to manage digital wallets.
If similar ETFs are approved in Japan, Singapore, and South Korea, prices could rise further.
The US presidential election is also a key factor. If Donald Trump Wins, Bitcoin Could Hit $90,000, But If Kamala Harris Wins, It Could Drop to $40,000, Bernstein Predicts
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