It can be said that the obstacles to the rise of Bitcoin seem to have been largely eliminated. Factors such as the elections in America and the FED's interest rate cuts do not seem to affect this trend for now. However, it should not be forgotten that throughout history, both rises and falls have usually occurred with an excuse.
Recently, the price of Bitcoin has recorded a remarkable rise, exceeding $ 70,000 after Donald Trump's statements in Nashville. This rise was combined with general optimism in the cryptocurrency market, resulting in a 2.6% increase as Bitcoin surpassed this level for the first time since mid-May. The increase in investors' risk appetite and the revival of demand for crypto assets are among the factors supporting this increase.
Over the last week, investors have weakened the downward trend by increasing their interest in Bitcoin. According to CoinShares, the $519 million investment in Bitcoin products between July 22-26 attracted attention. These inflows were supported by US spot Bitcoin exchange-traded funds, totaling $3.6 billion in July. This shows that Bitcoin has set a new record with more than $19 billion in capital inflows since the beginning of the year, consistent with its generally strong performance in July.
Statements by former President Donald Trump and Senator Cynthia Lummis increased market optimism. While Trump vowed to halt government sales of Bitcoin, Lummis suggested the US Treasury Department purchase an additional million Bitcoins. These statements increased investor confidence by strengthening hopes for clearer regulations in the United States.
Ryan Lee, chief analyst at Bitget Research, stated that the connection to US capital markets could help Bitcoin attract more investors. Seven major US technology companies are expected to release their financial reports this week. Positive results could bolster Nasdaq's performance and direct capital into risky assets like Bitcoin. Additionally, the expected moderate statements from the Federal Reserve may also support Bitcoin's uptrend.
However, it is still unclear how sustainable the market optimism is. While Bitcoin balances on crypto exchanges have increased by approximately 35,000 tokens in the last two weeks, $2.4 billion of Bitcoin deposited in exchanges during this period raises concerns that it may create sales pressure on the asset. A portion of this amount was donated to Mt. It is unclear whether this is due to events such as Gox refunds. Such developments may cause fluctuations in the price of Bitcoin and require careful monitoring of the market.
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So who will benefit?
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I EXPLAIN IN DETAIL.
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WHEN WILL THE AWARD COME?
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