Bitcoin Approaches All-Time High
Market Update - November 1 2024
Bitcoin Surges Past $73,000, Pulls Back on Thursday
Bitcoin climbed above $73,000 Tuesday, marking the first time it breached this level in over seven months. The renewed surge comes near the end of a strong year for bitcoin, partly driven by the SEC’s approval of spot bitcoin ETFs and anticipated rate cuts in the US. Tuesday was also reported to be bitcoin’s biggest trading day in months, as volumes skyrocketed. However, the price of bitcoin retreated Thursday, pulling back toward $70,000 as the broader tech market recorded mixed earnings results.
Federal Reserve decisions in particular have been playing a role in bitcoin’s recent rally, with bitcoin rising from around $54,000 in early September as expectations for a rate cut increased. A majority of analysts currently anticipate a 25 bps cut November 7, which could drop rates to the 4.5% to 4.75% range. If this comes to be, it would most likely add to the current bitcoin trading frenzy.
Some analysts are bitcoin to climb even higher before the end of the year as market conditions become more favorable. It could depend on numerous factors, and will most likely be influenced in some form by the results of the upcoming US presidential election.
💱 Topic of the Week: Traditional Lending vs. Crypto Lending
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- Fueled by positive market sentiment, the price of bitcoin exceeded $73,100, just shy of its all-time high: The Fed’s decision on rate cuts could further fuel a price increase, but bitcoin pulled back Thursday toward $70,000 amid a broader tech sell-off.
- US spot bitcoin ETFs recorded $870 million in inflows on Tuesday, led by BlackRock’s IBIT with $629 million: It’s believed that bitcoin’s swelling price might be contributing to investment in these funds.
- Florida CFO Jimmy Patronis has requested an evaluation of the feasibility of adding bitcoin to the state’s public pension funds: The state of Florida has typically shown keen interest in crypto initiatives, with Governor DeSantis having made proposals to allow businesses to pay tax in bitcoin in 2022.
- Hong Kong Exchanges and Clearing Ltd. (HKEX) will launch the “HKEX Virtual Asset Index Series” on November 15, providing reference prices for BTC and ETH during the Asian trading day: The indexes aim to offer transparency and support for virtual asset investment decisions in the region.
- Weekly sales of NBA Top Shot NFTs have hit a six-month peak, with 43,600 NFTs sold as of October 27, marking a 94% jump from the previous week: Renewed excitement from the season opener is driving the surge in activity after a slow offseason.
Bitcoin Surges Past $73,000, Pulls Back on Thursday
Bitcoin climbed above $73,000 Tuesday, marking the first time it breached this level in over seven months. The renewed surge comes near the end of a strong year for bitcoin, partly driven by the SEC’s approval of spot bitcoin ETFs and anticipated rate cuts in the US. Tuesday was also reported to be bitcoin’s biggest trading day in months, as volumes skyrocketed. However, the price of bitcoin retreated Thursday, pulling back toward $70,000 as the broader tech market recorded mixed earnings results.
Federal Reserve decisions in particular have been playing a role in bitcoin’s recent rally, with bitcoin rising from around $54,000 in early September as expectations for a rate cut increased. A majority of analysts currently anticipate a 25 bps cut November 7, which could drop rates to the 4.5% to 4.75% range. If this comes to be, it would most likely add to the current bitcoin trading frenzy.
Some analysts are bitcoin to climb even higher before the end of the year as market conditions become more favorable. It could depend on numerous factors, and will most likely be influenced in some form by the results of the upcoming US presidential election.
💱 Topic of the Week: Traditional Lending vs. Crypto Lending
🫱 Read more here
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