The post the reasons behind the bull run appeared on BitcoinEthereumNews.com.

The price of Bitcoin has recently surpassed the 70,000 dollars threshold, marking a significant milestone for the world’s most famous cryptocurrency.  This value had not been reached since last June, and the recent rise, which occurred in the early evening hours of Monday in the United States, has attracted the attention of investors and analysts worldwide. Despite still being about 5% below its all-time high of 73,700 dollars recorded in March of this year, this jump has ignited new hopes among Bitcoin supporters. The reasons behind this surge in the price of Bitcoin are complex and include various economic and political factors. Among the main catalysts, we find the rate-cutting cycles in numerous economies, the influx of capital into spot ETFs, and the market’s perception of a possible victory for Donald Trump in the upcoming US elections. Let’s examine each of these elements in more detail. The factors that pushed the price of Bitcoin to reach $70,000 One of the main factors that contributed to the bull run of the Bitcoin price is the accommodative monetary policy adopted by most of the world’s central banks. The recent rate-cutting cycles, especially in advanced economies, have made it less attractive to hold traditional assets with low yields, such as government bonds, encouraging investors to seek more profitable alternatives. In a context of low or even negative interest rates, investors tend to shift capital towards assets perceived as stores of value or with a higher appreciation potential. BTC, often considered a sort of “digital gold,” is particularly attractive for those seeking a safe haven against inflation. With the price of Bitcoin surpassing 70,000 dollars, the perception of this cryptocurrency as a valid alternative to traditional assets is strengthened. Another determining factor for the increase in the price of Bitcoin was the massive influx…

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Filed under: News - @ October 29, 2024 10:21 am