If someone has been complaining about boredom in recent days, they can’t do it anymore. Bitcoin price is rising again.
Bitcoin price is rising
Bitcoin price is rising. Today, 1 BTC costs USD 63,359, which translates into an increase of over 4% per day. For 7 days, bitcoin’s price increased by 1.5%.
Ether costs USD 3,485, which means an increase of 3.7% on a 24-hour scale and 3.6% within a week.
The mood on the stock market has also improved. The BTC fear and greed index shows a neutral approach of investors to the market. Fear dominated until recently.
A similar phenomenon can be seen in the case of ether.
Why is it growing?
In such situations, investors wonder why cryptocurrency valuations are rising. The answer is simple. The market probably considered the price attractive and also noticed that the rate was no longer diving to lower levels.
Then there are the foundations. There are many indications that ETH ETFs will debut on stock exchanges within two weeks (their launch was expected to take up to a few days). In turn, new data on PCE (personal consumption expenditures) inflation suggest that the Fed may start lowering interest rates after all. already in September. This inflation in the USA in May 2024 was 2.6% year on year. It dropped from 2.7% in April. This is important because PCE is a more important inflation indicator than CPI. At least for the Fed. It allows you to measure a broader spectrum of price increases than traditional consumer inflation.
Lower interest rates are bullish in many markets, not just cryptocurrencies. The market will simply start to exchange “cheap” money for assets.
It is possible that the market is reacting positively after the weekend to the first presidential debate held in the US. It was won by Donald Trump, who promises to pursue a pro-cryptocurrency policy – in contrast to the current administration headed by Joe Biden.
