Bitcoin is showing steady growth again: over the past week, its price has increased by 10%, and now it is trading around $64,000. According to analysts, several key factors contributed to this, including macroeconomic changes and shifts in market sentiment. Experts identify five main reasons for the current rise of bitcoin: Lowering rates and hedging inflation The recent 50 basis point rate cut by the US Federal Reserve System (FRS) has had a significant impact on the markets. Bitcoin received support due to the weakening of the dollar and the easing of monetary policy. Analysts note that bitcoin, like gold, is perceived as a reliable asset in the face of high levels of U.S. debt, which currently stands at about $35 trillion. Since the beginning of the year, bitcoin has risen in price by 45%, while gold has increased by 27%. Strengthening political support for cryptocurrencies Cryptocurrencies are gaining more and more recognition in the political arena. Experts emphasize that bipartisan support adds momentum to the crypto market. The recent statement by US Vice President Harris in support of digital assets at an event in New York was the first explicit endorsement of cryptocurrencies from the administration. According to forecasts, Donald Trump's election victory may further accelerate the development of cryptocurrency policy, but the interest of institutional investors in bitcoin will remain high regardless of the political outcome. Popularization of Bitcoin ETFs Institutional investors continue to actively invest in bitcoin through ETFs. Over the past 10 days, the inflow of funds into such funds amounted to $800 million, despite price fluctuations. Bernstein expects that more and more banks, including Morgan Stanley, will launch their own bitcoin ETFs, which will lead to an even greater influx of funds from consultants and their clients. Stability of miners after halving Bitcoin miners have successfully adapted to the upcoming halving, scheduled for April 2024, and stabilized their activities. According to Bernstein, the hashrate of the network has recovered, which indicates the resilience of miners and strengthens the foundation of bitcoin. Reducing pressure from sellers The market has managed to absorb large bitcoin sales by the U.S. and German governments, as well as payments from Mt. Gox, Bernstein analysts say. In addition, MicroStrategy has raised $2.1 billion to buy bitcoin, increasing its reserves to 252,220 BTC, which is about 1.3% of the total supply on the market.
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