- Bitcoin spiked to a new all-time high above $76,600 on Thursday amid bullish sentiment around Donald Trump’s election victory.
- The Federal Reserve’s decision to cut interest rates by 25 basis points and indicate further tightening also buoyed markets.
- Analysts say the influx of ‘cheap capital’ could strengthen the bull market.
Bitcoin rose for the third day in a row to hit a new all-time high above $76,000.
Per data from CoinGecko, the flagship cryptocurrency touched highs of $76,677 across major exchanges on Nov. 7. This comes after BTC broke to a new all-time high above $75k on Nov. 5 with news of Donald Trump winning the US presidential election.
The top crypto also moved higher to break above $76k as Kamala Harris conceded defeat and as US president Joe Biden confirmed he’d hand over power to the incoming 47th president.
On Nov. 7, Bitcoin price made a new all-time high above $76.6k as the Federal Reserve announced a 25 basis points interest rate cut. The news coming on the back of Trump’s win added to the positive buzz across the risk asset markets.
Fed’s rate cut is the second one after the 50 bps cut in September. The move follows slowing inflation data and a cooler jobs market. The market is likely to rally higher given Fed’s rate cut and Chair Jerome Powell’s remarks. Is “cheap capital” set to enter the market? Investor and entrepreneur Anthony Pompliano thinks so.
BREAKING: The Federal Reserve has cut interest rates by 25 basis points.
Cheap capital is coming to the market.
— Anthony Pompliano 🌪 (@APompliano) November 7, 2024
BTC led cryptocurrencies in a brief pump, with Ethereum, Solana and BNB recording some notable gains.
ETH for instance crossed the $2,880 mark with an intraday surge from $2,717. SOL broke into the top four by market cap after surging to near $198, flipping BNB with its market cap above $92.8 billion.
Meanwhile, BNB crossed $600 for the first time since late October as it hit highs above $610. The coin’s market cap as of writing was $87.3 billion.