Bitcoin Price Rebound and Market Trends
Bitcoin is up 5.0% on a weekly basis following last week’s plunge. The price of Bitcoin started at US$54,000 at the beginning of the week and rebounded sharply to US$61,000 as of 9 am on the 15th.
Despite facing challenges such as the German government’s selling of confiscated bitcoins, the market saw a strong buying trend in the U.S. Bitcoin spot ETF market. This influx of investments contributed to the price increase, with net inflows of approximately US$1.0476 billion in the past five working days.
Impact of Trump’s Actions on Bitcoin
Most of the recent price increase in Bitcoin was observed following an assassination attempt on former U.S. presidential candidate Donald Trump. The incident led to a surge in Bitcoin price, as Trump’s strong stance on cryptocurrency and plans to support the industry if elected were viewed favorably by investors.
As Trump’s odds of winning the presidential race rose to 70%, the impact on Bitcoin’s price trends became more apparent. Investors are closely monitoring Trump’s political moves and how they can influence the cryptocurrency market.
Federal Reserve’s Focus on Employment Indicators
The Federal Reserve is closely monitoring employment indicators as a key variable for potential interest rate cuts. Despite concerns over the jobs crisis, recent data showing lower than expected new jobless claims has created uncertainty regarding the need for immediate rate cuts.
As investors await further developments in both the political and economic landscape, the impact of Trump’s actions and the Fed’s decisions on Bitcoin’s price trajectory remains a topic of interest in the cryptocurrency market.
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