Close Menu
Invest Insider News
    Facebook X (Twitter) Instagram
    Friday, June 20
    Facebook X (Twitter) Instagram Pinterest Vimeo
    Invest Insider News
    • Home
    • Bitcoin
    • Commodities
    • Finance
    • Investing
    • Property
    • Stock Market
    • Utilities
    Invest Insider News
    Home»Bitcoin»Is This Why Bitcoin (BTC) Shot Up by $5K in 24 Hours?
    Bitcoin

    Is This Why Bitcoin (BTC) Shot Up by $5K in 24 Hours?

    August 24, 20243 Mins Read


    After a relatively weak period of trading sideways for days and days, bitcoin’s price went on the offensive on Friday evening and Saturday morning and tapped $65,000 for the first time since early August.

    Some of the most probable reasons behind this $5,000 daily surge seem to be connected to the US central bank and the upcoming elections in the country.

    First, it Was the Fed

    Bitcoin’s relationship with the US Federal Reserve’s economic policies has been demonstrated numerous times in the past few years, especially since the monetary entity changed its tune during the COVID-19 crash. The subsequent inflation spike led to an unprecedented hike in interest rates.

    The multi-decade peak in the rates resulted in fewer funds getting allocated to risk-on assets like BTC, which prompted numerous experts to expect a price surge once the US Fed decided to pivot from its strategy. In other words, the Fed was anticipated to follow the example set by the ECB, the Bank of England, and the Bank of Canada and lower the key interest rates.

    After a few delays, Chair Jerome Powell finally announced on Friday that it was time for such actions. During his speech at the annual 2024 Jackson Hole Economic Symposium, he didn’t provide an exact date when the rates will be cut, but the general expectations are that it will be in September.

    Then, it Was RFK

    Aside from the Fed’s actions, BTC’s price has been strongly correlated to the current US presidential election cycle. After all, the Democrats, with their current President Joe Biden, have been anything but nice to the crypto industry, led by the SEC’s (unsuccessful) crusade.

    On the other hand, the Republican’s candidate – Donald Trump, has changed his stance on the industry and promised all good things to happen to Bitcoin, miners, and everything in between. Yes, he even said he will fire the SEC’s Chair, Gary Gensler. Oh yes, on his first day in office.

    Biden’s withdrawal from the 2024 race and the subsequent replacement by current VP Kamala Harris changed the narrative for this year’s elections. However, more promising news for Trump, and apparently for the crypto industry, came last night as well.

    This time, Robert F. Kennedy, who was the most vocal Bitcoin supporter among all candidates, suspended his independent campaign and endorsed Trump. This was regarded as a positive development for Trump and, hence, the crypto market.

    The surge from $60,000 to $65,000 in 24 hours could possibly attributed to both of the aforementioned reasons. As such, it would be interesting to follow the upcoming elections, the Fed’s policy change, and the impact on the crypto market.

    SPECIAL OFFER (Sponsored)

    Binance Free $600 (CryptoPotato Exclusive): Use this link to register a new account and receive $600 exclusive welcome offer on Binance (full details).

    LIMITED OFFER 2024 at BYDFi Exchange: Up to $2,888 welcome reward, use this link to register and open a 100 USDT-M position for free!



    Source link

    Share. Facebook Twitter Pinterest LinkedIn Tumblr Email
    Previous ArticleRaspberry Pi extends gains after London listing as retail investors start trading stock
    Next Article Bitcoin ATM Market Is Undergoing ‘Necessary Correction,’ CoinFlip Founder Daniel Polotsky Says – Grayscale Bitcoin Mini Trust (BTC) Common units of fractional undivided beneficial interest (ARCA:BTC)

    Related Posts

    Bitcoin

    Les FNB Bitcoin ont de l’élan avec le 8e jour consécutif d’entrées | ETF News

    June 19, 2025
    Bitcoin

    Le prix du bitcoin a du mal à récupérer la résistance – l’action latérale domine

    June 19, 2025
    Bitcoin

    La société Web plus intelligente stimule Bitcoin Holdings sur 346 BTC après avoir doublé la cible de collecte de fonds

    June 19, 2025
    Leave A Reply Cancel Reply

    Top Posts

    Action Ganglong China Property Group Limited | Cours 6968 Bourse Hong Kong S.E.

    July 31, 2007

    les fondamentaux de l’or restent bons

    September 4, 2007

    les fondamentaux de l’or restent bons

    September 4, 2007
    Stay In Touch
    • Facebook
    • YouTube
    • TikTok
    • WhatsApp
    • Twitter
    • Instagram
    Latest Reviews
    Stock Market

    Asian stocks edge higher on positive US jobless claims and hotter China Inflation, Hang Seng Index leads gains

    August 9, 2024
    Investing

    Cigna beats Q3 earnings, revenue estimates; shares edge higher By Investing.com

    October 31, 2024
    Commodities

    Crude oil futures decline despite US-China trade progress

    May 12, 2025
    What's Hot

    Utilities Commission Holds Hearing On Renewable Energy Rules

    August 28, 2024

    Philippe Brassac – Lucie Pinson, le débat : “Les banques ne gagnent pas plus dans le fossile que dans le renouvelable” – L’Express

    February 24, 2025

    Hubso déplacé sur la liste des obs en raison de la balance des comptes -Le 05 février 2025 à 09:02

    February 4, 2025
    Most Popular

    Bitcoin est défini sur le rebond alors que BTC clignote un «signal d’achat» majeur

    May 31, 2025

    Healthcare Services Group reports cybersecurity incident By Investing.com

    October 16, 2024

    Critics see hypocrisy as Florida House advances bill clamping down on city-owned utilities

    April 29, 2025
    Editor's Picks

    Simon Property Group : baisse du FFO au premier trimestre, hausse du chiffre d’affaires ; perspectives pour 2025 réaffirmées

    May 12, 2025

    1 in 3 property sales in the UK fall through – Nock Deighton introduces innovative buyer and sellers protection to reduce risks

    January 28, 2025

    Paynetics CEO Discusses Growth and Embedded Finance at Money20/20

    August 10, 2024
    Facebook X (Twitter) Instagram Pinterest Vimeo
    • Get In Touch
    • Privacy Policy
    • Terms and Conditions
    © 2025 Invest Insider News

    Type above and press Enter to search. Press Esc to cancel.