Bitcoin Rise
Bitcoin enthusiasts are rallying behind the cryptocurrency, anticipating a return to the record highs it last saw in March. As optimism around riskier assets grows, Bitcoin bulls are fueled by several macroeconomic and political factors, particularly in the lead-up to the US elections.
Following six months of price consolidation this year, conditions are now aligning for a major breakout in favor of Bitcoin and other cryptocurrencies,” said Brett Munster of Blockforce Capitall. Munster highlighted the recent surge in global liquidity, driven by central banks worldwide, including China, which has rolled out stimulus measures to support its economy.
Bitcoin rise bulls eye
On Wednesday, Bitcoin saw a boost, gaining as much as 2.9% to hit $68,376, though it later leveled out around $67,800. According to Munster, historical trends show that when global liquidity surpasses its moving average, Bitcoin typically experiences significant upward movement.
Other cryptocurrencies are riding this wave as well, with Dogecoin jumping 10% and XRP gaining about 2%.
Adding further momentum to the crypto sector is a recent statement from US Vice President Kamala Harris, pledging support for a clear regulatory framework for digital assets. This is a departure from the current environment of regulation through enforcement, which has drawn criticism from the crypto community. Harris’s acknowledgment comes at a crucial moment, as former President Donald Trump is making moves to appeal to crypto voters in his bid to regain the presidency, while also engaging in several cryptocurrency-related initiatives.
With rising liquidity, an evolving regulatory landscape, and a heated election season, Bitcoin and other crypto assets may be set for an exciting ride in the months ahead.
