- Bitcoin jumped to a brand new all-time excessive above $76,600 on Thursday amid bullish sentiment surrounding Donald Trump's election victory.
- The Federal Reserve's determination to chop rates of interest by 25 foundation factors and trace at additional market tightening additionally supplied encouragement.
- Analysts say the inflow of “low-cost capital” might gas the bull market.
Bitcoin rose for the third day in a row, hitting a brand new all-time excessive above $76,000.
The flagship cryptocurrency hit a excessive of $76,677 on main exchanges on November 7, in line with knowledge from CoinGecko. This comes after BTC broke a brand new all-time excessive above $75,000 on November 5 with the information of Donald Trump's victory within the US presidential election.
The highest cryptocurrency additionally moved greater and broke above $76K as Kamala Harris conceded defeat and US President Joe Biden confirmed that he would hand over energy to the incoming forty seventh president.
Bitcoin Makes New ATH Amid Fed Price Cuts
On November 7, the worth of Bitcoin hit a brand new all-time excessive above $76.6,000 when the Federal Reserve introduced a 25 foundation level rate of interest lower. The information, approaching the again of Trump's victory, added to the constructive buzz in risk-asset markets.
The Fed's fee lower is the second after a 50 bps lower in September. The transfer follows a slowdown in inflation and a cooler labor market. The market is prone to transfer greater given the Fed's fee cuts and feedback from Chairman Jerome Powell. Ought to “low-cost capital” enter the market? Investor and entrepreneur Anthony Pompliano thinks so.
BREAKING: Federal Reserve cuts rates of interest by 25 foundation factors.
Low cost capital is coming to the market.
— Anthony Pompliano 🌪 (@APompliano) November 7, 2024
BTC led the cryptocurrencies within the quick pump, with Ethereum, Solana and BNB posting some notable features.
ETH, for instance, breached the $2,880 mark with an intraday acquire from $2,717. SOL broke into the highest 4 by market cap after surging to almost $198, toppling BNB with a market cap of over $92.8 billion.
In the meantime, BNB broke above $600 for the primary time since late October when it peaked above $610. The coin's market capitalization on the time of writing was $87.3 billion.
