ChainCatcher reported that according to Bloomberg, Bitcoin broke through the $71,000 mark and rose for the fifth consecutive trading day, reflecting the global market's increased confidence in the Federal Reserve's prospects for rate cuts this year.

Traders are pricing in a greater chance of a Federal Reserve rate cut as early as November after data showed slowing U.S. inflation and a weakening job market. Some Treasury yields had their biggest two-day declines of the year, and easing 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 note.

Additionally, the short-term 30-day correlation between Bitcoin and the U.S. tech-heavy Nasdaq 100 Index is around its highest level since early 2023, suggesting that further gains in the index could be accompanied by higher Bitcoin.

Michael Novogratz, billionaire founder and CEO of Galaxy Digital, said on Bloomberg TV that a more positive political environment in the United States toward digital assets could help push Bitcoin to a record $100,000 by the end of the year or even higher.