BTC is the most popular cryptocurrency and has seen a positive return, having returned to above $63,000. This raises many questions as to why. Bitcoin It’s up now. For a variety of reasons, the asset struggled in August and September. As October draws near, it appears that the Bitcoin tide is changing.
Bitcoin seems to benefit from the shift in macroeconomic conditions. The United States economy has received a significant boost as a result of Central Bank decisions made on Wednesday. Let’s examine if this is all that’s behind BTCs recent surge.
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Bitcoin returns to 63,000 dollars as BTC looks to surge
Bitcoin has had a rollercoaster year in 2024. In the early part of the year the asset experienced a major development. It became the first crypto ETF available in the United States. In just three months, the asset reached a record high of $73,000. But it struggled in later months to even reach this mark.
Along with the crypto-market, tokens failed to rise in August and Septembre. BTC rose above $63,000 on Thursday. This showed that Bitcoin was enjoying a significant rally. In the past seven days the value of the Bitcoin has increased by more than 8 percent, according to CoinMarketCap. In the last 24 hour alone, this number has risen more than 5%.
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This is the main reason why the market has exploded. US Federal Reserve decision The Central Bank has finally decided to cut rates of interest on Wednesday. For the first time in 4 years, The Central Bank decided to cut interest rates. It was also the first time in four years that they had lowered rates.
Inflation was under control. Fed’s inflation target was 2%, which the market has shown to be able to achieve. The decision was driven by the fact that the macroeconomic situation in the United States had improved. It’s the best indication yet of BTC’s recent growth.
The value of the crypto should continue to rise. Crypto has become a major issue in the 2024 US Presidential election. Republican nominee Donald Trump The focus has been on the asset that is leading. Yesterday, he bought a hamburger using his digital asset. The token is now likely to be at its current value because of this.
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Source: watcher.guru
