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With the price increase, Bitcoin is approaching its highest level since April 2022, when it reached just under $45,000 about a week and a half ago.
On the one hand, Bitcoin moves with expectations of interest rate cuts in the near future. The expectation of financial market participants is that central banks in the United States, the Eurozone and Great Britain are likely to ease monetary policies significantly next year. The possibility of falling interest rates benefits riskier asset classes like cryptocurrencies because safer alternatives like government bonds pay less interest.
Another argument in favor of Bitcoin lies in the highly anticipated decision of the US Securities and Exchange Commission (SEC). A new fund that will invest directly in Bitcoin is currently under review. If the fund receives approval, it will be the first Bitcoin-based spot ETF. Experts expect investor interest to increase significantly as a result.
(SDA)
Source :Blick
I’m Tim David and I work as an author for 24 Instant News, covering the Market section. With a Bachelor’s Degree in Journalism, my mission is to provide accurate, timely and insightful news coverage that helps our readers stay informed about the latest trends in the market. My writing style is focused on making complex economic topics easy to understand for everyone.
