Bitcoin Hits $76,000 All-Time High As Market Reacts To Fed’s Interest Rate Cuts
2024年11月8日 - 7:21AM
NEWSBTC
Bitcoin (BTC), the leading cryptocurrency by market capitalization,
surged to a new all-time high of $76,800 buoyed by the recent US
presidential election which saw Donald Trump secure another term in
the White House and a more favorable monetary policy from the US
Federal Reserve (Fed). Fed’s Second Consecutive Rate Cut On
Thursday, the Federal Reserve announced its decision to cut its
benchmark overnight lending rate by 25 basis points to a target
range of 4.50%-4.75%, adding to the bullish sentiment surrounding
crypto prices. This marks the second consecutive rate cut,
following a half-percentage point reduction in September. The
unanimous vote at this meeting, which included participation from
Governor Michelle Bowman, reflects a shift in the Fed’s approach to
balancing inflation control with labor market support. Related
Reading: CNBC Projects Bitcoin Could Hit $100,000 Before
Presidential Inauguration – Details In its post-meeting statement,
the Federal Open Market Committee (FOMC) noted a revised assessment
of economic risks, indicating that the outlook for achieving
employment and inflation goals is now seen as balanced, a departure
from the previous month’s more optimistic stance. Crypto analyst
Doctor Profit commented on the recent surge in both stock and
crypto markets, suggesting that the price increases were in
anticipation of the Fed’s rate cut. He predicts that continued rate
cuts in the coming quarters could further drive up prices for both
stocks and cryptocurrencies. Positive Trends For Bitcoin And
Ethereum Post-Election In an exclusive interview with NewsBTC,
Nansen’s Principal Research Analyst, Aurelie Barthere, highlighted
that Bitcoin rise above its previous all-time high, coupled with
high trading volumes, signals a strong positive momentum in the
market. The analyst noted a period of “de-risking” in the
run-up to the election, likely influenced by unfavorable polls for
Trump, but observed a subsequent rush to “re-risk” as confidence
returned following the election result, further evidenced by the
rise in prices. Related Reading: Solana Breaks Above Key Resistance
– Top Analyst Sets $300 Target Barthere also pointed out that the
Republican victory in the House of Representatives could further
amplify this rally. However, she cautioned that profit-taking may
occur in the coming weeks as new policies are tested, particularly
regarding the potential political pressure on the US SEC chair to
step down. The analyst pointed out that Ethereum is also gaining
traction as expectations rise for a resurgence in decentralized
finance (DeFi). Barthere noted an interesting uptick in
the ETH/BTC price ratio, accompanied by significant net inflows
into Ethereum exchange-traded funds (ETFs), totaling $52 million on
the day of the election results. The analyst suggests that
these continued inflows into the recently approved ETF market are
seen as indicative of broader retail interest in the second largest
cryptocurrency, which she ultimately believes has yet to see
significant adoption. At the time of writing, Bitcoin was trading
at $76,629, up nearly 10% in the seven-day time frame. Similarly,
ETH has also seen significant gains, rising 14% in the same period
to reach a current price of $2,885. Featured image from DALL-E,
chart from TradingView.com
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