Bitcoin Breaks Through $72,000, Crypto Market Experiences Strong SurgeOver the past half-month, Bitcoin has been in a volatile upward trend. In the early hours of October 30th, Bitcoin surged to $73,620, nearing the high of over $73,700 reached in March this year
Bitcoin Breaks Through $72,000, Crypto Market Experiences Strong Surge
Over the past half-month, Bitcoin has been in a volatile upward trend. In the early hours of October 30th, Bitcoin surged to $73,620, nearing the high of over $73,700 reached in March this year. However, Bitcoin subsequently retreated below $73,000 and was trading at $72,400 at the time of publication. Influenced by Bitcoin's surge, Ethereum, Dogecoin, and other cryptocurrencies have also experienced gains.
Livio Weng, CEO of HashKeyExchange, Hong Kongs largest licensed virtual asset exchange, states that Bitcoin has finally broken through the $72,000 mark after months of consolidation and decline. This rise is closely connected to the return of liquidity into the market. Currently, the Federal Reserve (except for the Bank of Japan) has reentered an interest rate cut cycle. With the US election approaching, calls for support of crypto-friendly candidate Trump are growing, fueling market liquidity. Coupled with China's fiscal and monetary stimulus policies, growing optimism might be a key factor driving this upward trend.
CoinMarketCap data shows that the total cryptocurrency market capitalization reached $2.46 trillion at one point and has now retreated to $2.44 trillion, representing an over 7% increase over the past 24 hours. This total market capitalization has risen over 31% compared to the approximately $1.85 trillion during the sharp decline in early August.
Bitcoin breaking $72,000 reflects the market's optimistic sentiment towards cryptocurrencies. The Federal Reserve's interest rate cut cycle and potential policy support are injecting liquidity into the market, driving the upward trend in cryptocurrencies. This indicates that investors hold a positive outlook on the future development of cryptocurrencies.
However, it is essential to acknowledge that the cryptocurrency market still presents certain risks. While the Federal Reserve's rate cuts and policy support are beneficial to the market, significant volatility remains. Investment should be approached with caution.
In conclusion, Bitcoin breaking $72,000 brings new hope to the crypto market. However, this does not signify a smooth sailing market, and investors should maintain rationality and invest prudently.
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