Cryptocurrencies, like most other financial assets, have been supported by the Federal Reserve’s monetary policy shift. This comes at a time when a number of other central banks around the world have announced interest rate cuts, including the European Central Bank and the People’s Bank of China. Additionally, markets are optimistic today on the back of the latest news that China is considering injecting up to 1 trillion yuan into its largest state-owned banks.
Unlike other financial assets that have benefited from monetary stimulus, cryptocurrencies are getting an additional boost from the enthusiastic promises of US presidential candidates Donald Trump and Kamala Harris, who are targeting the crypto crowd to woo their votes ahead of the November elections, according to Forex Technical Signals. According to the promises of the presidential candidates, the regulatory restrictions on cryptocurrencies in the US may see some easing that will boost confidence in the crypto sector.
Bitcoin has risen during this month’s trading, as the world’s number one cryptocurrency is heading towards recording a monthly green close, as well as achieving the best gains achieved during the months of September since its launch, after recording gains exceeding 10%. While Bitcoin has risen by 55% since the beginning of the year.
