Bitcoin breaks new price record for the year and reaches US$36,000

Bitcoin breaks new price record for the year and reaches US$36,000
Bitcoin breaks new price record for the year and reaches US$36,000

Bitcoin broke a new price record for the year and reached the $35,920 in the early hours of this Thursday (2). In October, the digital currency outperformed all stock market assets and gained more than 28% during the month, while stocks plummeted by around 10% during the same period.

In Brazil, the price of Bitcoin surpassed the R$ 176 thousand mark in the main brokers, the highest value of the year, according to the Bitcoin price index. Livecoins.

Bitcoin high 02 11 2023 (Livecoins)

Bitcoin starts new bull run

In an anticipated move by the market, the Federal Open Market Committee (FOMC) of the United States Federal Reserve decided to keep the federal funds rate range unchanged, between 5.25% and 5.50%.

The announcement, made on Wednesday afternoon (1), marks a moment of stability after a period of aggressive rate hikes, aimed at controlling inflation.

The market reaction was positive after the announcement. At the close of the market, indicators showed an optimistic mood, with the S&P 500 index experiencing an appreciation of 1.1% and the Nasdaq 100, made up of technology companies, showing a significant gain of 1.5%.

In addition, yields on 10-year US Treasury bonds fell to 4.73%, moving away from the almost 5% mark recorded at the beginning of the week, reflecting the lower probability attributed by the market to future rate increases. of interest.

The FOMC’s decision appears to signal a pause in monetary tightening measures, providing a breather for investors and signaling the Fed’s moderate caution in the face of a complex economic outlook.

According to industry experts, rising interest rates create a climate of caution among investors, steering them away from risky assets such as cryptocurrencies. However, a decrease or flat holding acts as a catalyst for bullish momentum in the cryptocurrency market.

The announcement therefore caused enough optimism in the market to push Bitcoin above $35,000.

Meanwhile, as the United States continues to double its debt to finance two wars, Bitcoin has become the “safe haven” asset for investors looking to preserve their purchasing power.

Bitcoin’s price appreciation is also being fueled by the inevitable approval of ETFs by the SEC.

As the U.S. Securities and Exchange Commission reviews nine 9 ETF applications, Jerome Powell signaled that the Fed is essentially pausing all interest rate increases while it monitors economic and financial conditions.

Cryptocurrencies on the rise

Bitcoin’s rise has also impacted other digital assets, with the total market capitalization of other altcoins breaking an 18-month downtrend.

In the last 24 hours, hundreds of altcoins have seen significant increases, with Solana (+30%) and THORChain (26%) standing out. Both tokens saw double-digit rallies and could break important resistances.

At the time of writing, Ethereum, the second largest cryptocurrency on the market, is trading for $1,835, and a candle close above $1,900 would serve as confirmation of a breakout.

Cryptocurrencies high 02 11 2023

The price of XRP also saw a 3.3% increase to $0.6. Another cryptocurrency known as Cardano witnessed a 6.42% jump, with trading volumes rising 151.41% in the last 24 hours.

Memecoins also continue to rise, with the price of Dogecoin increasing 2.6% and Shiba Inu rising 3.5%.

The rise of the main cryptocurrencies contributed to a general recovery in the market. Total capitalization increased 2.85% from Wednesday (1), reaching $1.3 trillion, with a market fear and greed index reading of 74, signifying a “greed” sentiment.

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The article is in Portuguese

Tags: Bitcoin breaks price record year reaches US36000



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