News

Bitcoin Surges Past $77K Amid Election Victory And Rate Cut, Eyeing Six-Figure Valuation

Bitcoin is experiencing a powerful rally, recently reaching $77,000 following a 10% surge in the hours around former President Trump’s election victory and another bump after the Federal Open Market Committee (FOMC) announced a rate cut.

This one-two punch of political and economic news has bolstered optimism for six-figure price targets in Bitcoin’s near future. Equity markets have also rallied, as investors across sectors react positively to developments that could impact portfolios long-term.

In the past 30 days, Bitcoin’s Realized Cap—a measure of its adjusted market cap—has climbed by 3.8% to an all-time high of $656 billion, supported by net capital inflows of $2.5 billion. This marks one of the most substantial inflows since early 2023, reflecting heightened interest and investment in crypto’s top asset.

Further illustrating this trend, 24,000 BTC (worth $1.8 billion) have been withdrawn from exchanges over the last 72 hours, a sign of strong investor confidence and long-term holding.

Technical indicators are also signaling strength. If Bitcoin holds support above $71,489, MVRV Deviation Pricing Bands suggest a potential peak around $85,360.

Related Post

El Salvador Is Currently Up Over $24 Million In Profits Since Buying Bitcoin

El Salvador’s commitment to Bitcoin is also paying off. President Nayib Bukele’s November 2022 initiative to purchase one BTC per day has yielded impressive returns; with 722 BTC accumulated at an average price below $42,000, the country is up $24.54 million (81%) on this strategy.

Meanwhile, institutional interest continues to grow, as U.S. Bitcoin ETFs saw a record inflow of $1.372 billion, led by BlackRock’s ETF, which added $1.169 billion.

Over the last three weeks, BlackRock alone has acquired 77,649 BTC, bringing its holdings to nearly 2.26% of Bitcoin’s circulating supply. The accumulation trend suggests a continued bullish outlook as institutional giants deepen their positions in Bitcoin.

Disclosure: This is not trading or investment advice. Always do your research before buying any cryptocurrency or investing in any services.

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Will Izuchukwu

Will is a News/Content Writer and SEO Expert with years of active experience. He has a good history of writing credible articles and trending topics ranging from News Articles to Constructive Writings all around the Cryptocurrency and Blockchain Industry.

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