Bitcoin Nears $100K as South Korea Cuts Interest Rates
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Bitcoin is once again rallying, showing strong momentum as it inches closer to the highly anticipated $100K milestone. The cryptocurrency surged 3.6% in the last 24 hours, currently trading at $95,538. This latest push comes amid growing demand and renewed market optimism, fueled by South Koreaâs unexpected interest rate cut.
The Bank of Korea slashed its key interest rate by 25 basis points to 3%, marking its second cut this year. This move is expected to inject fresh liquidity into the market, enabling South Korean investors to pour more capital into Bitcoin and other cryptocurrencies. According to CryptoQuantâs Julio Moreno, increasing demand and market activity are critical drivers for Bitcoinâs upward trajectory.
However, South Koreaâs financial regulators face challenges as local exchanges, like Upbit, come under scrutiny for KYC violations. Meanwhile, Bitcoinâs rally has impacted South Korean equities, with the Kosdaq Index losing 8% in the past month as investors shift focus to crypto markets.
As Bitcoin edges closer to $100K, the cryptocurrency market remains a focal point for global investors. Will this Thanksgiving rally mark the beginning of a new chapter for Bitcoin?