Why is Bitcoin rising? 70 thousand dollars can be exceeded at any time
After Donald Trump's interesting speech over the weekend, Bitcoin also started Monday strongly. While the biggest cryptocurrency is rising to $69,950, it seems only a matter of time before 70 thousand dollars are exceeded. Bitcoin was finally at the level of 70 thousand dollars on June 10.
At the beginning of July, Mt. Bitcoin, which fell up to 53 thousand dollars due to the effect of Gox and German government sales, but later rose again, was almost close to going above 70 thousand dollars. The biggest cryptocurrency, if it exceeds this level ($70 thousand), will have reached this price for the first time since June 10.
The Trump influence moved up...
In the recent rise of Bitcoin, Donald Trump's statements and even the armed assassination he suffered may be effective. Bitcoin, which fell sharply at the beginning of June, continued this decline in July and saw 53 thousand dollars, was on the rise just after Trump's armed attack on July 13. Bitcoin, which opened the day of July 13 at the level of 57,800 dollars, closed the day above 59 thousand dollars. The price rose sharply in a few days and rose to the level of 65 thousand dollars on July 15.
Just in those days, it was announced that Trump would give a speech at the Bitcoin Conference. The dominance in Bitcoin, which made a rally with Trump, also rose to over 56%.
Trump's commitment to strategic reserves at the conference again brought a significant rise in price on Saturday evening.
Fed expectation...
One of the most important periods expected by traditional financial markets, such as cryptocurrency markets, is the Fed's FOMC meeting in September... The expectation at the meeting on September 18, is that a 25 basis point interest rate cut will be made, but there is still no certainty in this regard.
The fact that there is no meeting in August, and the expectation of interest rate reduction is very low from the meeting on July 31, will cause the approximately 2-month period to be silent in this sense.
