Bitcoin eventually topped $70,000 as Asian investors poured into the cryptocurrency market.
At 7:30 a.m. on the 29th, Bitcoin was up 2.50% from 24 hours earlier on CoinMarketCap, a global coin price relay site.
However, a few minutes ago, Bitcoin rose to $70,212 and finally surpassed $70,000.
This is the first time in about four months since July 6. Bitcoin's all-time high was $73,000, recorded on March 14. This means that if it rises by just another $3,000, Bitcoin
Bitcoin fell to as low as $53,000 in early September, but has recently rallied again, eventually surpassing $70,000 again.
The reason why Bitcoin rallied on this day was because the US stock market rose in unison due to the easing of tensions in the Middle East and expectations for earnings.
The recent rally in Bitcoin is due to the start of a global interest rate cut cycle, including the Federal Reserve Board's interest rate cut, which began on November 11.
This is likely due to crypto investors betting on the victory of cryptocurrency-friendly Republican presidential candidate Donald Trump ahead of the US presidential election on the 5th of this month.
2024/10/29 10:28 KST
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