Bitcoin Price Soars Amid Continued Accumulation by Major Investors

Bitcoin's price surged last week, surpassing $65,000 for the first time in nearly a month, following an assassination attempt on Donald Trump.

However, it soon dropped to $63,000.

This surge appears to have established a new price level.

Current Bitcoin Price:

Bitcoin recently exceeded $66,000, a level it hadn't reached since June 18 before experiencing a significant drop.

As of now, Bitcoin's price is $66,420, reflecting a 4.41% increase in the last 24 hours and a 14% rise over the past week.

The market cap also rose above $1.3 trillion for the first time in a month, with a 14% increase in 24-hour trading volume to over $32 billion.

Reasons for Bitcoin's Rise:

Several factors contributed to Bitcoin's recent increase.

Global cyber outages and access issues have raised concerns, drawing attention to Bitcoin.

U.S. Senator Cynthia Lummis noted that Bitcoin remained unaffected by these cyber outages, emphasizing its reliability.

Additionally, a court victory for Binance, allowing it to invest customer fiat funds in U.S.

Treasury Bonds, and FedWatch data indicating a 100% expectation of a rate cut in September, have positively impacted Bitcoin.

These factors, along with the ongoing post-halving cycle, have driven Bitcoin's rise. However, given the market's volatility, a potential decline cannot be ruled out.

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