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COINTURK NEWS > Bitcoin (BTC) > Global Central Banks Influence Bitcoin’s Rising Value
Bitcoin (BTC)

Global Central Banks Influence Bitcoin’s Rising Value

In Brief

  • Central banks' interest rate cuts boost Bitcoin and small cryptocurrency values.

  • Market closely monitors Bitcoin's performance against a critical price level.

  • U.S. election outcomes may lead to clearer cryptocurrency regulations.

İlayda Peker
İlayda Peker 8 months ago
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The onset of interest rate cuts by central banks worldwide, especially the U.S. transition to a more relaxed monetary policy, is increasing the likelihood of Bitcoin $105,678 achieving a historic rise in September. According to Bloomberg data, Bitcoin has gained over 10% this month. This gain reflects a reversal of the average decline of 5.9% that Bitcoin has historically experienced in September over the past decade. Additionally, an index comprising smaller cryptocurrencies has risen by over 20%, indicating that more expansive financial conditions are directly revitalizing riskier assets like cryptocurrencies.

Contents
Interest Rate Cuts Revitalize the Cryptocurrency MarketThe Market Awaits U.S. Election Results

Interest Rate Cuts Revitalize the Cryptocurrency Market

Global central banks’ easing of monetary policies positively impacts the cryptocurrency market. The U.S. Federal Reserve’s interest rate cuts and the expectation of this trend continuing have led investors to gravitate towards riskier assets. This trend has resulted in a noticeable rise not only for Bitcoin but also for smaller cryptocurrencies.

Bloomberg reports that this September’s increase in Bitcoin’s value could be one of the largest monthly gains recorded since September 2016.

Additionally, a report from the cryptocurrency exchange Kraken suggests that if Bitcoin does not definitively surpass the $65,000 level, the market may enter a period of stagnation. Consequently, the next few weeks will see close monitoring of Bitcoin’s ability to breach and maintain this critical threshold.

The Market Awaits U.S. Election Results

Alongside changes in interest rate policies, the cryptocurrency market is closely watching the outcome of the U.S. presidential elections. Many industry leaders anticipate that clearer cryptocurrency regulations in the U.S. will emerge following the election results. It is expected that these regulations could positively impact the market and increase interest in cryptocurrencies.

Regulatory uncertainties in the U.S. have adversely affected the cryptocurrency market in recent years. However, a reduction in uncertainties following the elections and the introduction of clearer regulations could boost investor confidence. This situation may lead to significant price increases for both Bitcoin and other cryptocurrencies.

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Disclaimer: The information contained in this article does not constitute investment advice. Investors should be aware that cryptocurrencies carry high volatility and therefore risk, and should conduct their own research.

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İlayda Peker 27 September, 2024 - 11:38 am 27 September, 2024 - 11:38 am
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