Bitcoin's price fluctuated between $60,000 and $61,000 following the Federal Reserve’s 50bps interest rate cut on Wednesday. This decision surprised some market analysts, as many expected a more moderate 25bps reduction.
source：TradingView
The central bank’s revised dot-plot projections show further rate cuts amounting to 150bps by 2025, while inflation is forecast to drop towards 2.0%. Unemployment is expected to stabilise at its current level through 2026.
The combination of aggressive interest rate cuts, coupled with a generally optimistic economic outlook from the Federal Reserve, suggests a favourable environment for risk assets such as Bitcoin. Lower US yields and a weakening dollar may provide the ideal backdrop for BTC to target $70,000 in the coming weeks, assuming no sharp resurgence in recession fears. US Presidential election uncertainty, however, remains a potential headwind for broader market stability.
Following US Presidential elections, markets often rally as uncertainties dissipate. While Kamala Harris is slightly favoured to win, any Republican victory, including that of Donald Trump, is expected to result in a short-term market boost.
In the longer run, Harris’s potentially softer stance on crypto could bring about positive industry developments. Moreover, Bitcoin’s delayed halving effect may further support prices during the final quarter.
related reading：Steve Hanke Criticises Fed Policy and Kamala Harris’s Housing Plan
Though the current macroeconomic conditions are favourable for Bitcoin’s price trajectory, political uncertainty and other external factors may still impede a smooth rally towards $70,000. With a volatile landscape ahead, caution remains necessary for market participants.
related reading：North Carolina Bans Central Bank Digital Currencies: A Blow to Federal Reserve Plans
The National Center for Public Policy Research is warning Microsoft that they could potentially be looking at a lawsuit if they decide to not invest in Bitcoin and the prices of Bitcoin increase.
XingChiWith Trump emerging victorious, the community is watching closely to see if Trump keeps to his promises.
XingChiBitcoin is outpacing traditional assets like gold due to increasing adoption by individuals and institutions. With political backing and a surge in value, it’s gaining traction as a reliable store of value, alongside stablecoins for everyday transactions.
JoyThe crypto industry has invested heavily in the 2024 US election, with companies like Coinbase and a16z donating millions to support pro-crypto candidates. In total, the sector has contributed over $133 million to super PACs backing crypto-friendly policies.
AnaisColorado residents has been receiving calls from "Sergeant Schilling", coercing victims to pay a $10,000 fine for missing their jury duty.
XingChiLu Lei, vice-governor of the People’s Bank of China (PBoC), has just offered an unexpected tribute to Satoshi Nakamoto
XingChiCraig Wright envisions transforming Bitcoin into a practical tool for financial inclusion through his proposed TerraNode, which aims to enhance Bitcoin's scalability and accessibility for users worldwide. He believes this system will eliminate high fees and barriers, empowering individuals excluded from traditional banking to engage in global trade without restrictions.
AnaisStephen Mollah recently claimed to be Satoshi Nakamoto at a press conference in London but failed to provide any credible evidence to support his assertion. The event, which was marred by technical issues and confusion, left attendees frustrated and questioning the validity of Mollah’s claims, which echo similar unproven assertions made by others in the past.
AnaisBitcoin was close to $73,000 on Wednesday, almost breaking its all time high just a week before the U.S. elections.
XingChiIndia has recently announced that the country is considering banning cryptocurrencies like Bitcoin and Ether in favor of its Central Bank Digital Currency (CBDC).
XingChiEconomist Steve Hanke critiques the Federal Reserve’s policies, predicts a recession, and expresses concern over Kamala Harris’s housing plan, warning that it could worsen housing affordability.
BerniceMusk endorses Jobs' emphasis on craftsmanship in product development with a simple "precisely" caption. The crypto community applauds Musk's Grok AI and X platform, anticipating the release of Grok 2.0 as a cost-effective alternative to ChatGPT-4.
EdmundSteve Christie returns as DCCO to Binance, strategizing compliance amidst heavy U.S. regulatory settlements and industry challenges.
BrianNexo partners with Koinly to simplify crypto tax reporting for users, offering tailored tax forms and integrating with over 100 jurisdictions.
YouQuanA pair of popular electronic musicians who are also prominent NFT backers are teaming up—and drawing inspiration from their respective CryptoPunks profile pictures (PFPs).
decryptThe electronic music DJ talks NFTs, Elon Musk and building a waterpark in the metaverse.
CoindeskCompiling taxes for crypto transactions has been a thorn in the side of investors for a long time. This is ...
BitcoinistDeFi Pulse, a leading authority on the DeFi space, calculates that the combined value of all deposits within DeFi protocols ...
BitcoinistThe integration provides LUNA users a way to accurately track and record their transactions to meet their tax obligations, according to Koinly's Tony Dhanjal.
CointelegraphSportemonGo will no longer be sponsoring pro-football teams, Steve Irwin’s zoo is launching NFTs and Leeds United is selling tokenized jerseys to support Ukraine.
Cointelegraph