Bitfinex noted that the rise in the Bitcoin rate above $71,000 is supported by several factors, including the expected reduction in interest rates by the US Federal Reserve (Fed).
“The combination of Donald Trump’s growing odds of victory and favorable seasonal corporate earnings in the fourth quarter creates a ‘perfect storm’ for Bitcoin, promising an exciting two weeks despite market volatility,” the report said.
A sharp jump in the price of Bitcoin provoked a wave of liquidations on futures contracts – almost $237 million over the past 24 hours. And the influx of funds into spot Bitcoin ETFs at the end of the trading session on October 28 amounted to $479 million, of which $315 million went to BlackRock’s IBIT fund, experts indicated.
After the end of the presidential race in the United States, some correction in the market is possible, but the cryptocurrency still has a chance of exceeding $75,000 by the end of the year, analysts suggest.
Earlier, Glassnode experts reported that Bitcoin quotes had overcome several technical resistances, and investors in the first cryptocurrency had moved from the “enthusiasm mode” to the “euphoria stage.”
Source: Bits
I am an experienced journalist, writer, and editor with a passion for finance and business news. I have been working in the journalism field for over 6 years, covering a variety of topics from finance to technology. As an author at World Stock Market, I specialize in finance business-related topics.