The bitcoin price has exceeded USD 70,000. There are many indications that we will end October with a positive result. Is the actual bull market starting in the background, i.e. altcoin increases? And why have cryptocurrency valuations started rising now in the first place?
Bitcoin price is finally rising!
Bitcoin rose to nearly $71,000. Currently, the situation on the chart is as follows:
As you can see, a few hours ago the rate was above USD 71,000, and now we are observing a slight correction. However, on a weekly and daily basis, bitcoin increased in price by approximately 5%.
Ether is also coming back to life. 1 ETH costs USD 2,619, which is 5.7% more than yesterday. However, on a 7-day scale, investors are down 1%. It is worth adding, however, that just yesterday it was a few percent. This shows how the situation on the cryptocurrency market can change dynamically.
Are we waiting for the election results and the Fed’s decision?
But why did the market suddenly begin to swell with capital? Investors probably decided that “it won’t go any lower” and hence they are returning to the trading floor. Moreover, in a week, Americans will elect a president for another term. The period of the first months of the rule of the new head of state has so far been marked by a boom in digital assets. Now the stakes are even higher, because Donald Trump is fighting for power, promising that he will be a “crypto-president”: he will strengthen the position of the industry in the US, release Ross Ulbricht and end the SEC’s “war” on crypto companies. Kamala Harris doesn’t talk about cryptocurrencies, so we can assume that her win means a continuation of the current line of the White House (i.e. not a tragedy, although not the kind of fireworks that a Republican can provide us all).
We probably also have another cut in interest rates by the Fed. It is virtually certain that the central bank authorities will reduce them by another 25 basis points.
There are many indications that the “oyster mushroom” on cryptocurrency charts is over and we are entering the proper phase of the bull market, and perhaps soon the “alt season”.
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