Gold is going wild, breaking through record highs. Bitcoin rose by $4,000 in the past week, and Ethereum rose by nearly $300. The crypto industry has experienced its best week since September. If it can keep up, the curse of Bitcoin's decline in September will be shattered.
There are many reasons for the start of this bull market:
1. Fed rate cut
In the early morning of September 19th, Beijing time, the Fed started a radical rate cut, which was the first rate cut in four years, and it directly reduced by 50BP, which exceeded many people's expectations. Bitcoin rose rapidly and broke through the $62,000 mark.
2. Gold surged
Gold also surged after the Fed's rate cut. Gold has now broken through $2,600, and has risen by $540 this year, the best year since 1979. Investors are risk-averse, and Bitcoin, as digital gold, has also risen with gold.
3. Ethereum rebounds
Ethereum has bottomed out and rebounded in recent days, driving the activity of the entire ecosystem, improving market sentiment, and rising in all sectors, which also plays an important role in maintaining the price of Bitcoin.
4. Harris publicly announced her support for the crypto industry for the first time
Harris said at a fundraiser in New York yesterday that if elected, she would encourage innovative technologies such as artificial intelligence and digital assets while protecting our consumers and investors. This is the first time Harris has commented on cryptocurrency as a Democratic presidential candidate. People in the crypto industry have always praised Harris.
