Bitcoin hit a six-week high, up 2.6% at $69,462.
Bitcoin hit its highest level since mid-June after US Republican presidential candidate Donald Trump pledged support for the cryptocurrency and expectations of a Federal Reserve interest rate cut boosted investor sentiment. Bloomberg wrote this on Monday, July 29.
Bitcoin hit a six-week high today, up 2.6% to $69,462. Smaller tokens like Ether, Solana and Dogecoin also rose.
The increase comes after Trump promised to make the US the “cryptocurrency capital of the planet and a Bitcoin superpower” if he returns to the White House.
This week’s Federal Reserve meeting is also expected to lay the groundwork for the start of a cycle of rate cuts, a prospect that has lifted sentiment in markets.
The price of Bitcoin today is about $4,400 below the record high of nearly $74,000 reached in March.
Let’s remember that in January the United States took an important step in the legalization of Bitcoin. The SEC allowed fund industry heavyweights BlackRock, Invesco and Fidelity to compete with smaller rivals including Valkyrie to begin trading. After that, the price of the cryptocurrency began to rise rapidly.
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Source: korrespondent
I’m Liza Grey, an experienced news writer and author at the Buna Times. I specialize in writing about economic issues, with a focus on uncovering stories that have a positive impact on society. With over seven years of experience in the news industry, I am highly knowledgeable about current events and the ways in which they affect our daily lives.