Bitcoin Breaks Resistance: Will US Influence Trigger Altcoin Bull?
Bitcoin (BTC) increased by over 5% in the last 24 hours, reaching $64,828. All eyes are on the reasons behind the rise.
On Friday, August 23, US Federal Reserve Chairman (FED) Powell's dovish speeches were positively reflected in the cryptocurrency market.
The possibility that a larger-than-expected interest rate cut could come in September or that the interest rate cut could come earlier than expected brought an increase in all areas of risk markets.
On the other hand, US Presidential Candidate Kennedy Jr.'s announcement that he would withdraw from the presidential race and stand behind cryptocurrency supporter Donald Trump also had a positive impact on the markets.
Kennedy had been friendly towards the crypto industry over the past year.
Trump's DeFi platform and altcoin bull
On Thursday, Trump announced that he supported a crypto project called "The DeFiant Ones." This project is run by Trump's two sons. In an announcement made on a Telegram channel on Friday, it was stated that a new DeFi platform would eliminate "corrupt, expensive and inefficient intermediaries." Both the positive data from the US and Trump's moves towards the altcoin market increased expectations that an altcoin bull could begin after September.
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