Bitcoin Soars to One-Month High: Is the Uptrend Here to Stay?
26.09.2024 17:34 1 min. read Kosta Gushterov
The price of Bitcoin reached a one-month high after central banks cut interest rates in September, with analysts expecting the upward trend to continue.
In the past 30 days, the price of Bitcoin has risen nearly 5 percent, climbing to over $65,000 on Thursday, September 26, marking its highest level since August 26. However, at the time of writing, BTC has lost some of its gains and is trading around $64,680.
The rally is believed by many to be due to easing policies by global central banks. Cryptocurrencies have benefited greatly from central banks’ commitments to cut interest rates.
The European Central Bank implemented its second rate cut of the year, and the U.S. Federal Reserve introduced a 0.5 percent cut. On Tuesday, the People’s Bank of China joined them with cuts in key lending rates and an increase in market liquidity.
Historically, the price of Bitcoin has risen in periods of monetary easing, such as in 2020 when prices jumped more than 1,500% due to near-zero interest rates.
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