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COINTURK NEWS > Bitcoin (BTC) > Bitcoin Surges Past $73,000 Due to Market Drivers
Bitcoin (BTC)

Bitcoin Surges Past $73,000 Due to Market Drivers

In Brief

  • Bitcoin's recent surge excites traders and signals market dynamics.

  • Labor market data will clarify Fed rate cut expectations.

  • Upcoming earnings reports from tech giants may impact market sentiment.

İlayda Peker
İlayda Peker 8 months ago
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Recently, Bitcoin (BTC) $104,679 has drawn attention with its price movements. The leading cryptocurrency experienced an 8% rise, surpassing the $73,000 mark, which excited traders. Since then, Bitcoin has slightly retreated and is currently trading around $72,000.

Contents
Factors Contributing to Bitcoin’s RiseFed Rate Cut Expectations Will Clarify with Upcoming Labor DataTech Giants’ Earnings Reports May Influence Markets

Factors Contributing to Bitcoin’s Rise

Several factors are driving the increase in Bitcoin’s price, including strong demand for spot Bitcoin ETFs in the U.S., the initiation of a new monetary expansion cycle in major economies, and the rising chances of crypto-friendly candidate Donald Trump in the U.S. presidential elections.

Critical states in the U.S., such as Nevada and Pennsylvania, are believed to influence the election outcome. As the presidential race approaches its conclusion next week, markets are curious whether this momentum, dubbed the “Trump Trade,” will continue or if unexpected developments will arise.

Fed Rate Cut Expectations Will Clarify with Upcoming Labor Data

The non-farm payroll data, a significant indicator of the U.S. labor market, will be released this Friday. Market expectations suggest an employment increase of around 110,000, which is approximately half of the previous reported figure.

The data released on Friday will shape market expectations regarding a rate cut ahead of the Federal Reserve (Fed) meeting next week. Currently, the likelihood of a 25 basis point rate cut in November is estimated at 96.5%, with expectations for another cut in December standing at around 75%. This labor market data is crucial for confirming these expectations.

Tech Giants’ Earnings Reports May Influence Markets

This week, quarterly results from tech giants like Alphabet, Apple, Meta, Amazon, and Microsoft will be announced. These companies are expected to see an average profit increase of around 19-20%, although this marks the slowest growth rate in the last six quarters.

While the impact of the upcoming quarterly earnings reports on the stock markets remains uncertain, they will serve as significant indicators for overall market sentiment. These results are also expected to influence the cryptocurrency market.

You can follow our news on Telegram, Facebook, Twitter & Coinmarketcap
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 30 October, 2024 - 3:34 pm 30 October, 2024 - 3:34 pm
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