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Bitcoin price rises by more than $3,000
Bitcoin price rose to its highest level in two weeks, supported by Chinese support packages for the economy, and news of a new failed attempt to assassinate presidential candidate Donald Trump.
Bitcoin price jumped by more than $3,000, by 5% to reach $66,025.5 for the cryptocurrency.
This comes at a time when the bankrupt Japanese platform MT. GOX announced that it has postponed the deadline for creditors to pay its remaining assets by a year until October 31, 2025. Bitcoin exchange-traded funds also recorded positive net investments of $308 million last week.
Tomorrow, Republican presidential candidate Donald Trump will launch his own cryptocurrency for his digital project, which comes with a project for payments and decentralized finance.
Bitcoin price rose to its highest level in two weeks, supported by Chinese support packages for the economy and news of a new attempt to assassinate presidential candidate in the US elections, Donald Trump.
Today’s rally appears to be driven by a variety of macro factors that are lifting all risk assets today, including equities. Bullish sentiment continues to build around a no-landing or soft-landing scenario, thanks in part to positive bank earnings.
Today’s Bitcoin price rally appears to be driven by three factors. First, the wave of stimulus heading into Chinese markets has sent investors bullish on global assets. Bitcoin certainly fits into this category, with China-related demand being among the biggest drivers for the world’s largest cryptocurrency by market cap.
Bitcoin’s surge above the key $65,000 mark has also been linked to simple supply and demand factors. Net inflows to all Bitcoin exchange-traded funds have surpassed $400 million in the past 24 hours.
Most of the overall inflows have come from Bitcoin (with Ethereum seeing a slight outflow over the past day). But the move has signaled to some investors that Bitcoin’s dominance in this space may not be far from over.
