The price of Bitcoin has surpassed $64.000 per BTC amid major announcements this week.
Bitcoin has experienced a significant rise in price in recent days, returning to July levels. According to data from the CoinMarketCap price platform, the market-leading cryptocurrency is trading above $64.200 at the time of writing this article.
This significant increase in the value of the world's most recognized cryptocurrency has been driven by a combination of economic and political factors, which have generated renewed interest in the cryptocurrency market.
Bitcoin gains 8% in the last week
In recent days, Bitcoin has experienced a notable increase in value of 8%, which has occurred in a context where the president of the United States Federal Reserve, Jerome Powell, has indicated that further cuts in interest rates are planned. . Furthermore, recently, candidate Robert F. Kennedy Jr. has resigned from the November presidential race, expressing his support for former President Donald Trump, who has made important promises for the development of the cryptocurrency industry in the United States.
The possibility of a monetary easing cycle in the country and the possible implementation of cryptocurrency-friendly policies in the next government term appear to have served as key catalysts for the rise in the price of Bitcoin.
As data from CoinMarketCap shows, the price of the market-leading cryptocurrency has maintained an upward trend this week.
Source: CoinMarketCap
Experts note that investors are looking for assets that can offer inflation protection and higher returns in a lower interest rate environment.
Additionally, Bitcoin demand in the United States has reached a 39-day high, according to data from CryptoQuant, reflecting strong buying interest from US investors.
The United States presidential race
Known Bitcoin and cryptocurrency advocate Robert F. Kennedy Jr.'s endorsement of former President Donald Trump has added a political dimension to Bitcoin's growth. Kennedy, who suspended his presidential campaign, has decided to support Trump, who has been expressing his enthusiasm and support for cryptocurrencies.
Kennedy has stated that his endorsement of Trump is a "heartbreaking" decision, but one that is based on alignment on existential issues. Thus, despite the fact that his family has a Democratic legacy, his support for Trump could be seen as a strategic move to back a candidate with whom he shares his vision of technological innovation and who has a friendlier stance towards cryptocurrencies, in comparison with the current administration of Joe Biden.
Trump has promised a more favorable approach towards Bitcoin and cryptocurrencies, even suggesting the creation of a strategic Bitcoin reserve and the dismissal of the current SEC chairman, Gary Gensler, known for maintaining a fairly strict regulatory stance towards the cryptocurrency sector. This promise of a friendlier regulatory environment could be an attractive factor for many investors who have been waiting for greater clarity and government support towards the emerging cryptoasset and blockchain technology industry.
The combination of these economic and political factors has created an environment conducive to the rise of the price of Bitcoin. Investors are reacting positively to signals from the Federal Reserve and the endorsement of an influential presidential candidate, which has led to an increase in demand and, consequently, the price of the cryptocurrency.
According to data from CoinMarketCap, Bitcoin trading volume has increased more than 25% in the last 24 hours, exceeding $35.000 billion.
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