Bitcoin price surged last week following an assassination attempt on Donald Trump, reaching over $65,000 for the first time in nearly a month. However, the price then quickly dropped to $63,000. The recent surge appears to have reached a new level.
What is Bitcoin’s Price?
Bitcoin price surpassed $66,000 for the first time in a month. The last time BTC was at $66,000 was on June 18, before a significant drop. As of the time of writing, BTC price is at $66,420, marking a 4.41% increase in the last 24 hours and a 14% increase over the past week.
The price movement also significantly impacted the market cap, which exceeded $1.3 trillion for the first time in a month. Another factor driving the price increase is the 24-hour trading volume, which rose by 14% to over $32 billion.
Why is Bitcoin Rising?
Recent global outages and access issues have caused significant concerns, drawing attention to Bitcoin. U.S. Senator Cynthia Lummis highlighted Bitcoin, stating:
Do you know which currency was unaffected by today’s cyber outages?
The statement pointed to cryptocurrencies. This was supported by a recent court victory for Binance, allowing it to invest customer fiat funds in U.S. Treasury Bonds. Additionally, FedWatch data showing a 100% expectation of a rate cut in September positively impacted BTC. Considering all these factors and the ongoing post-halving cycle, there are many reasons for Bitcoin’s rise. However, given the market’s high volatility, the possibility of a decline should not be overlooked.
