Finance
Bitcoin Surpasses $70K for the First Time in Over Four Months
Bitcoin's price recently crossed the $70,000 mark, showing a significant recovery after several months of stagnation.
1 min read
In a remarkable turn of events, Bitcoin has surged above $70,000 for the first time since June during the U.S. evening hours on Monday.
Despite this increase, it still lingers approximately 5% below its all-time high of around $73,700 achieved in early March this year.
Reasons behind this impressive rise include:
- The onset of rate-cutting cycles in several major economies.
- Renewed substantial inflows into spot ETFs.
- A surge in prediction markets favoring a Trump victory in the upcoming elections.
Looking ahead, the days are expected to be pivotal, especially with the U.S. election nearing, a Federal Reserve rate decision approaching, and the October employment report on the horizon. Bitcoin’s year-to-date appreciation has reached nearly 65%, while gold and the S&P 500 have also seen remarkable gains.
