Bitcoin Posts Longest Winning Run Since March: Bitcoin has risen again,
reflecting greater confidence in global markets about the possibility of the Federal Reserve cutting interest rates this year.
In this context, the largest five cryptocurrencies have increased over the past 24 hours, indicating growing optimism among investors.

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Bitcoin Posts Longest Winning Run Since March

Markets Betting on Cryptocurrencies

Collective Rise of Cryptocurrencies

Optimism for Bitcoin’s Future

Bitcoin Posts Longest Winning Run Since March

Bitcoin has risen again above the $70,000 mark, achieving gains for the fifth consecutive session.
This reflects greater confidence in global markets about the possibility
of the Federal Reserve cutting interest rates this year.
The largest cryptocurrency reached $70,530 as of 8:20 a.m. Wednesday in Singapore,
in its longest daily winning streak in three months.
This figure is about 5% lower than the previous record of $73,798, set in mid-March.

Markets Betting on Cryptocurrencies

Traders are pricing in a higher probability of an interest rate cut by the U.S. Federal Reserve as early as November,
The following data indicate moderate inflation in the United States and a weak job market.
Some U.S. Treasury bonds recorded their most significant two-day decline of the year,
easing financial conditions that could help speculative assets like cryptocurrencies.
Tom Couture, Vice President of Digital Asset Strategy at Fundstrat Global Advisors,
said in a note: “Cryptocurrencies are responding positively to rate-cut expectations.”

Collective Rise of Cryptocurrencies

The largest five cryptocurrencies, including Ethereum, Binance Coin, and Solana, have increased over the past 24 hours.
The value of popular coins among individual investors, such as Dogecoin, also rose.
Binance Coin is linked to the ecosystem surrounding Binance, the largest cryptocurrency trading platform,
and is often seen as a gauge of market sentiment.
CoinMarketCap data indicates that Binance Coin traded at around $695,
higher than its previous historical peak of about $691 in 2021.
The more than 100% rise in Binance Coin’s value this year suggests improved perceptions of Binance’s prospects
since last November, the company admitted to violating anti-money laundering and U.S. sanctions laws,
resulting in a historic fine of $4.3 billion.

Optimism for Bitcoin’s Future

Bitcoin has struggled to maintain its rise above $70,000 in recent days.
Still, optimists draw their enthusiasm from investment flows into dedicated cryptocurrency ETFs
in the U.S. and moves in Washington towards a regulatory framework for cryptocurrencies.
The 30-day short-term correlation between Bitcoin and
the Nasdaq 100 index of U.S. tech stocks reached its highest level since early 2023,
indicating that gains in the stock index could be accompanied by a rise in the leading cryptocurrency.

Michael Novogratz, the billionaire founder and CEO of Galaxy Digital, said on Bloomberg Television:
“The U.S. environment related to monetary policy is more positive for digital assets and is likely to help push
Bitcoin to a record level of $100,000 or even higher by the end of the year.”
Such sentiments indicate how bad memories and scandals associated with the digital asset market in 2022,
including the fraud that led to the collapse of the giant cryptocurrency exchange FTX, have faded, at least for now.

Bitcoin Posts Longest Winning Run Since March

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