Originally published on: July 29, 2024
Bitcoin is on the verge of hitting the $70,000 mark, reaching a seven-week high and coming within just 6% of its all-time high. The cryptocurrency briefly touched $69,775 during trading hours on July 29, marking the closest it has been to its record of $73,757 set in March.
This recent surge in Bitcoin prices has been attributed to positive sentiment from key figures in the United States, including two presidential candidates and a Republican senator. At the Bitcoin 2024 conference in Tennessee, discussions about establishing a strategic Bitcoin reserve for the country and halting government sales if a specific candidate wins have fueled optimism in the market.
Furthermore, economic indicators, such as the minimal rise in the Personal Consumption Expenditures index for June, suggest a possible interest rate cut in September. The upcoming Federal Reserve meeting on July 31 is expected to provide more insight into the potential rate decision, with speculation leaning towards a rate cut in the coming months.
As Bitcoin continues to gain momentum and approaches new highs, investors are closely monitoring the cryptocurrency market for future developments. Stay informed with critical insights and market updates by subscribing to our newsletter for exclusive content every Monday. Don’t miss out on the latest trends shaping the financial landscape.
