In a significant uptick on Tuesday, leading cryptocurrencies Bitcoin (BTC) and Ethereum (ETH) both experienced over a 2% rise in trading. Bitcoin reached its highest point since July, trading at $65,900 early in the day.
As of 11:57 AM IST, Bitcoin was up 2.3%, priced at $65,438, while Ethereum rose 2.8% to $2,603. This positive momentum was driven by favorable global market conditions. Oil prices fell approximately 3% in early trading following Israeli Prime Minister Benjamin Netanyahu’s report to the United States that Israel is prepared to target Iranian military installations. This announcement alleviated immediate concerns regarding potential supply disruptions, contributing to a more favorable outlook on inflation.
Additionally, unchanged U.S. producer prices for September—where an increase in service costs was offset by a drop in goods prices—contributed to a positive inflation outlook, bolstering expectations for a potential interest rate cut by the Federal Reserve in the coming month.
Edul Patel, CEO of Mudrex, commented on the surge, stating, “Bitcoin and other major cryptocurrencies have surged, fueled by a series of crypto-friendly developments worldwide. A major boost came from the U.S., where a Trump-backed DeFi project reported 100,000 sign-ups, sparking excitement in the market. Additionally, Vice President Harris’ commitment to supporting a crypto legal framework specifically aimed at empowering Black men has further uplifted investor sentiment.”
Vikram Subburaj, CEO of Giottus, noted that Bitcoin has surpassed its 200-day moving average of $63,340, indicating strong bullish momentum. He highlighted substantial inflows into Bitcoin ETFs, with nearly $500 million recorded yesterday, as further evidence of this trend. Moreover, Bitcoin’s weekly Relative Strength Index (RSI) has turned bullish after breaking out of a descending trendline. Subburaj added, “A decisive move above the key $66,000 resistance level this week could set the stage for a potential rally toward $70,000.”
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