Odaily Planet Daily News Bitcoin broke through the $71,000 mark and rose for the fifth consecutive trading day, reflecting the global market's growing confidence in the Federal Reserve's prospects for rate cuts this year. After data showed slowing inflation and a weakening job market in the United States, traders expect the Federal Reserve to cut interest rates as early as November. Some U.S. Treasury yields saw their biggest two-day declines this year, and the easing of financial conditions could help speculative assets such as cryptocurrencies. "Crypto assets have responded positively to lower interest rates," Tom Couture, vice president of digital asset strategy at Fundstrat Global Advisors, said in a report. In addition, the short-term 30-day correlation between Bitcoin and the Nasdaq 100 Index of U.S. technology stocks is about the highest level since early 2023, indicating that further gains in the index may be accompanied by higher Bitcoin. Galaxy Digital founder and CEO, billionaire Michael Novogratz, said on Bloomberg TV that a more positive political environment in the United States for digital assets could help push Bitcoin to a record $100,000 by the end of this year, or even higher. (Bloomberg)