Bitcoin Sets New All-Time High as FED Cuts Interest Rates

Bitcoin continued to increase in price over the past 24 hours, after the US Federal Reserve cut interest rates, along with positive news from Donald Trump's victory.

Azcnews Bitcoin Sets New All Time High As Fed Cuts Interest Rates

Bitcoin surged to $76,800 over the past 24 hours, continuing to break its all-time high record after the US Federal Reserve (FED) decided to cut interest rates. The US central bank approved a 0.25 basis point interest rate cut, a decision supported by all 12 members of the FED board. Previously, in September, the FED cut interest rates by 50 basis points, this was the first cut since the strong rally in 2022.

Bitcoin Chart
Bitcoin Chart

Despite the strong price increase, leading cryptocurrency research platform CryptoQuant believes that Bitcoin still has growth potential. CryptoQuant highlights the MVRV index and the ratio of the current price to the cost of buying by investors as positive factors.

MVRV is an index that measures the market value of a coin compared to its actual value, to assess whether the asset is overvalued or not. Currently, Bitcoin’s MVRV is around 2.26, indicating that the Bitcoin market is not overheated and is far from its peak. An asset is considered overvalued when its MVRV exceeds 3.7.

Bitcoin Mvrv Ratio
Bitcoin Mvrv Ratio

CryptoQuant also believes that Bitcoin’s price is still close to the buying price of traders, which should help alleviate potential selling pressure. Analysts expect Bitcoin’s price to reach six figures during this bull run, driven by institutional investment, favorable macroeconomic factors, and political influences.

Read more: Solana Ecosystem Meme Coins Hit $12 Billion After 30% Surge

In a message to investors, Bitwise Chief Investment Officer Matt Hougan set a price target of $200,000 per Bitcoin by 2025.

0.0/5

Love

Leave a Reply

Latest

Pumpfun Achieves Record Revenue From Memecoin And Ai Frenzy

News | Altcoin | Editor Choice

Pump.fun Achieves Record Revenue from Memecoin and AI Frenzy

The token creation platform on Solana, Pump.fun, recently announced its October revenue of $30.5 million, marking the highest amount ever recorded.

Cz Asserts He Will Never Sell His Stake In Binance

Altcoin | Editor Choice | News

CZ Asserts He Will Never Sell His Stake in Binance

Despite receiving a buyout offer for Binance shares, CZ has affirmed that he will never sell. He currently holds up to 90% of Binance's shares.

Azcnews Raydium Hits New 2 Year High, Outperforming Bitcoin

News | Altcoin | Analytics | Editor Choice

Raydium Hits New 2-Year High, Outperforming Bitcoin

RAY Token, the native token of the Solana-based decentralized exchange Raydium [SOL], has just set a new 2-year high.

Celebrate Bitcoin Ath And Get $1,000 On Bingx

Airdrops | Editor Choice

Celebrate Bitcoin ATH and Get $1,000 on BingX!

Celebrate Bitcoin reaching its all-time high by participating in Futures trading on BingX to receive $1,000 instantly.

Azcnews Cow Price Soars 220% Following Binance Listing

News | Altcoin | Editor Choice | Memecoin

COW Price Soars 220% Following Binance Listing

COW price triples after listing on Binance. However, the token's high valuation could trigger a sell-off.