- Bitcoin rose to a brand new all-time excessive of greater than $76,600 on Thursday amid bullish sentiment round Donald Trump’s election victory.
- The Federal Reserve’s resolution to chop rates of interest by 25 foundation factors and indications of additional tightening additionally boosted the market.
- Analysts say the circulate of ‘low cost capital’ may strengthen the bull market.
Bitcoin rose for the third consecutive day to a brand new all-time excessive of over $76,000.
The flagship cryptocurrency touched a excessive of $76,677 on main exchanges on November 7, based on knowledge from CoinGecko. This comes after BTC broke. A new all-time high above $75k On November 5, with the information of Donald Trump profitable the US presidential election.
The highest crypto additionally surged above $76k as Kamala Harris admitted defeat and US President Joe Biden confirmed that he’ll hand over energy to the incoming forty seventh president.
Bitcoin hits new ATH amid Fed rate of interest lower
On November 7, the value of Bitcoin reached a brand new all-time excessive above $76.6k because the Federal Reserve introduced an rate of interest lower of 25 foundation factors. The information following Trump’s victory has elevated constructive buzz within the danger asset markets.
That is the second fee lower by the Fed after the 50 bps lower in September. The transfer comes after sluggish inflation knowledge and a chilly job market. Given the Fed’s fee lower and Chairman Jerome Powell’s coverage, the market is prone to rise. CommentIs “low cost capital” able to enter the market? Investor and entrepreneur Anthony Pompliano thinks so.
BREAKING: The Federal Reserve has lower rates of interest by 25 foundation factors.
Low-cost capital is coming into the market.
– Anthony Pompliano 🌪 (@APompliano) 7 November 2024
BTC led the cryptocurrencies in a quick surge, with Ethereum, Solana and BNB recording some notable positive aspects.
For instance, ETH crossed the $2,880 mark with an intraday surge from $2,717. SOL broke into the highest 4 by market cap after hitting close to $198, whereas BNB reached simply above $92.8 billion with its market cap.
In the meantime, BNB surpassed $600 for the primary time since late October because it reached highs above $610. On the time of writing the coin had a market capitalization of $87.3 billion.
