On Monday, crypto investors rejoiced as Bitcoin climbed above the impressive $65,000 mark. On the Bitstamp platform, the best-known digital currency reached a value of $65,980, its highest level since the end of September. At the beginning of the trading day, Bitcoin was still below $63,000. It was only in August, during the financial market turmoil, that Bitcoin fell below the $50,000 mark, but was able to stabilize quickly.
According to analyst Timo Emden from Emden Research, hopes for looser monetary policy on both sides of the Atlantic are strengthening investors’ risk appetite. The economic stimulus measures planned in China are also promoting trust in cryptocurrencies.
In addition to the US Federal Reserve’s interest rate policy, the US presidential election is becoming increasingly relevant. Investors hope that Donald Trump’s possible entry into the White House will provide support for crypto-friendly measures, according to Emden. However, he emphasizes that a Trump candidacy does not guarantee rising cryptocurrency prices and that there are doubts as to whether his promises can be put into practice. The Republican candidate courted the crypto community at a Bitcoin conference in Nashville.
