Bitcoin Rebounds After Plunge
Bitcoin has seen a 5.0% increase on a weekly basis after experiencing a significant plunge last week. The price of Bitcoin started the week at US$54,000 and has now rebounded sharply to US$61,000 as of 9 am on the 15th. This recovery comes after a challenging period for the cryptocurrency market.
German Government Sells Bitcoin
One of the major events last week was the German government selling 50,000 bitcoins, confiscated from illegal video-sharing websites, for a total transaction volume of $2.24 billion. This massive sell-off had an impact on the market, but strong buying trends in the U.S. Bitcoin spot ETF market helped drive the price increase.
Trump’s Influence on Bitcoin Prices
Former U.S. presidential candidate Donald Trump’s assassination attempt on the 14th had a surprising impact on Bitcoin prices. The price of Bitcoin rose sharply from $58,400 to $61,000 in just one day following the incident. Trump’s strong stance on supporting the cryptocurrency industry has generated positive expectations among investors.
Fed’s Focus on Employment for Interest Rates
Federal Reserve Chairman Jerome Powell has indicated that the Fed will use employment rather than prices as a variable for interest rate cuts. This shift in focus has led to increased attention on employment indicators such as the number of new unemployment benefits in the United States.
Conclusion
As we move forward, it will be crucial to monitor how external events, such as the U.S. presidential election and economic indicators, continue to impact the price of Bitcoin. Investors should stay informed and adjust their strategies accordingly to navigate the volatility of the cryptocurrency market. Be sure to stay updated on the latest developments in the industry for successful investment opportunities.
