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Bitcoin renews historical maximum value exceeding US$74,000
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Bitcoin, the market’s main cryptocurrency, reached its highest value ever recorded this Wednesday (6), US$75,300, marking a significant moment for the digital assets sector. This historic milestone reinforces the growing interest and confidence in Bitcoin as a valuable asset, attracting everything from institutional investors to cryptocurrency enthusiasts.
On October 29th, BTC had already surpassed its historical record for exchange rates in reais, surpassing the R$400,000 mark for the first time in history, with the rise of the dollar against the real. In dollars, Bitcoin’s previous record was US$73,700, recorded in March this year.
The record appreciation comes amid the revival of exchange-traded funds (ETFs) in the United States. Bitcoin ETFs recorded net inflows of US$479.3 million last Monday (28). This is the best capture recorded in the last two weeks.
As Ryan Lee, lead analyst at The Block’s Bitget Research, highlighted, several factors support Bitcoin’s rise, particularly the anticipated interest rate cut by the US Federal Reserve.
Why is Bitcoin on the rise?
“The broader market expects a 25 basis point cut on November 7, which would reduce rates to the 4.5% to 4.75% range, reflecting the need for adjustments to stabilize economic growth,” he said.
Behind this increase is also the great expectation surrounding the presidential elections in the USA, which take place on November 5th. This is because both Donald Trump and Kamala Harris, the candidates, have signaled that their administrations will be receptive to cryptocurrencies.
Looking at the period after the elections, the general market consensus is that options premiums and US stock market and BTC volatility are expected to increase in the first week of November after the election results are released.
“Regardless of the outcome of the election, short-term volatility is expected to be higher than usual, although we remain confident in long-term price appreciation, Bitfinex said.
Bitcoin renews historical maximum value exceeding US$74,000
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Bitcoin renews historical maximum value exceeding US$74,000
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Bitcoin renews historical maximum value exceeding US$74,000
