Publicly available cryptocurrency market data and price indexes

Bitcoin Surpasses $79,000 in New All-Time High Amid Fed Rate Cut

Nov 10, 2024, 02:49 AM

Bitcoin has reached new all-time highs, surging past $77,000 and reaching as high as $79,322 in recent trading, with a 24-hour gain of 2.48%. The cryptocurrency's price rally is being attributed to several factors, including the Federal Reserve's recent rate cut, increasing inflows into Bitcoin exchange-traded funds (ETFs), and news of multiple U.S. states introducing Strategic Bitcoin Reserve legislation. Over $349 million in short positions were liquidated amid the rally. Analysts are now projecting that Bitcoin could reach $100,000 by the end of the year, with some forecasts suggesting the rally could extend beyond $150,000 as the market enters a second breakout phase.