- Bitcoin spiked to a new all-time excessive above $76,600 on Thursday amid bullish sentiment round Donald Trump’s election victory.
- The Federal Reserve’s resolution to chop interest rates by 25 foundation factors and point out additional tightening additionally buoyed markets.
- Analysts say the inflow of ‘cheap capital’ might strengthen the bull market.
Bitcoin rose for the third day in a row to hit a new all-time excessive above $76,000.
Per information from CoinGecko, the flagship cryptocurrency touched highs of $76,677 throughout main exchanges on Nov. 7. This comes after BTC broke to a new all-time high above $75k on Nov. 5 with information of Donald Trump profitable the US presidential election.
The high crypto additionally moved larger to interrupt above $76k as Kamala Harris conceded defeat and as US president Joe Biden confirmed he’d hand over energy to the incoming forty seventh president.
Bitcoin makes new ATH amid Fed interest price reduce
On Nov. 7, Bitcoin value made a new all-time excessive above $76.6k as the Federal Reserve introduced a 25 foundation factors interest price reduce. The information approaching the again of Trump’s win added to the constructive buzz throughout the danger asset markets.
Fed’s price reduce is the second after the 50 bps reduce in September. The transfer follows slowing inflation information and a cooler jobs market. The market is prone to rally larger given Fed’s price reduce and Chair Jerome Powell’s remarks. Is “cheap capital” set to enter the market? Investor and entrepreneur Anthony Pompliano thinks so.
BREAKING: The Federal Reserve has reduce interest rates by 25 foundation factors.
Cheap capital is coming to the market.
— Anthony Pompliano 🌪 (@APompliano) November 7, 2024
BTC led cryptocurrencies in a quick pump, with Ethereum, Solana and BNB recording some notable positive factors.
ETH as an example crossed the $2,880 mark with an intraday surge from $2,717. SOL broke into the highest 4 by market cap after surging to close $198, flipping BNB with its market cap above $92.8 billion.
Meanwhile, BNB crossed $600 for the primary time since late October as it hit highs above $610. The coin’s market cap as of writing was $87.3 billion.
