**Bitcoin Rises Again! What Caused It?**
Last week, the Federal Reserve cut interest rates by 50 basis points, boosting cash flow in the US. Two days later, Bitcoin surged past $64,000, rekindling market confidence.
According to Bitfinexâs weekly report, the BTC price surge was driven by activity in the futures and perpetual markets, not the spot market.
**What Caused the Latest Bitcoin Price Surge?**
- The report notes that Bitcoinâs open interest drove the surge, not spot trading.
- Data from Coinglass shows Bitcoinâs open interest reached $34.9 billion, the highest since early August.
- Bitfinex analysts added that involvement with a spot Bitcoin ETF could push BTCâs price closer to its peak of $73,800.
**Altcoins Also Rising**
- In addition to Bitcoin, altcoins such as SUI and AAVE also rose 100% in August and September.
- However, altcoins outside the top 10 in market capitalization have yet to show significant increases.
What do you think? Can Bitcoin continue to rise? đž Comment below!
