Bitcoin’s price surged over $70,000 on Monday, reaching levels not seen since June. Despite this increase, it is still about 5% below its all-time high of around $73,700 from earlier this year in March.
Several factors have contributed to this recent upward trend in Bitcoin’s price. These include rate cutting cycles in major economies, significant inflows into spot ETFs, and rising betting market odds of a potential Trump victory. After a period of stagnation and decline lasting more than seven months, Bitcoin seems poised to challenge its previous record high.
Following a sharp drop in early September that brought the price down to $53,000, Bitcoin has been on a rally and recently crossed the $70,000 mark. The recent surge may be attributed to rate cuts by major Western central banks, monetary and fiscal stimulus in China, inflows into U.S.-based spot Bitcoin ETFs, and speculation around the U.S. presidential election.
In the coming days, there are several events to watch, including the U.S. election season, the election itself, a Federal Reserve rate decision, and the October employment report. Bitcoin’s year-to-date gain is now around 65%, outperforming assets like gold and the S&P 500.
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Overall, the recent surge in Bitcoin’s price reflects ongoing interest and optimism in the cryptocurrency market. Investors will be closely watching how these factors continue to unfold in the coming weeks.