Bitcoin has risen for five consecutive trading days, indicating that the market is more confident about the prospect of the Federal Reserve cutting i
According to Bloomberg, Bitcoin has broken through the $71,000 mark and has risen for the fifth consecutive trading day, reflecting the global market's increased confidence in the Fed's interest rate cut prospects this year.After data showed a slowdown in US inflation and a softening job market, traders expect the Fed to be more likely to cut interest rates in November. Some US bond yields have seen their largest two-day decline this year, and the easing financial environment may help speculative assets such as cryptocurrencies.Tom Couture, Vice President of Digital Asset Strategy at Fundstrat Global Advisors, said in a report, "The response of crypto assets to interest rate cuts is positive."In addition, the short-term 30-day correlation between Bitcoin and the Nasdaq 100 Index, a US technology stock index, is at its highest level since early 2023, indicating that further gains in the stock index may be accompanied by a rise in Bitcoin.Michael Novogratz, founder and CEO of Galaxy Digital and billionaire, said on Bloomberg TV that a more positive political environment in the US for digital assets could help push Bitcoin to a record $100,000 or even higher by the end of this year.
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