The rate rose this Thursday 7th, approaching historic highs, after the election of Donald Trump as President of the United States and with the interest rate cut announced by the Federal Reserve (Fed) on the radar.
According to Binance, in the last 24 hours up to 4.15pm Bitcoin rose by 0.92% to $76,615.32. At its 24-hour high, the cryptocurrency hit $76,718.99. Ethereum, in turn, posted a gain of 6.98% to $2,883.08 in the same range.
Cryptocurrency investors increased their buying momentum today, after the Federal Reserve announced a new interest rate cut of 0.25 percentage points and as the sector continues to price in a pro-crypto Trump government. Now, say Presto analysts, the market is waiting to understand what measures in favor of the segment will be put into practice by the president.
According to them, among the possible measures mentioned by Trump at one point are: incentives for US-based miners; establishment of a cryptocurrency advisory board; repeal of SAB 121; end of operation Choke Point 2.0; sorry Ross Ulbricht. There is also speculation about who will be the next chairman of the Securities and Exchange Commission (SEC).
CoinDesk analysts note that the rally is important as the coin has been “stuck” in the $2,300 to $2,800 range for some time and may now be looking for new resistance. It is worth mentioning that the asset has had a disappointing performance this year compared to bitcoin and its main competitor.
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