Bitcoin price skyrocketed nearly 2.7%, surpassing the $70,000 threshold. This can be attributed to several factors:

⚫️Microsoft revealed plans to assess its investment in Bitcoin. BlackRock, the issuer of the IBIT ETF, is a major shareholder holding 7% of Microsoft, increasing the chances of approval.

⚫️Pennsylvania passed the Bitcoin Rights bill, protecting the right to self-custody Bitcoin and allowing Bitcoin to be used as a method of payment.

⚫️Tesla clarified that it has not sold any of its 11.5 thousand Bitcoins, valued at approximately $780 million.

⚫️Many predict the Fed will cut interest rates, with the CEO of Bank of America expected to reduce by 50 bps in 2024 and four cuts of 25 bps in 2025.

⚫️The U.S.-approved political betting website, Kalshi, gives Donald Trump a 62% chance of winning. Trump is still seen as the more cryptocurrency-friendly candidate.

⚫️Open BTC interest surged to a new high of $40.89 billion, supporting the price increase.

While Bitcoin surpassed the $70,000 mark, there were less than $170,000 in liquidations, indicating that market sentiment is predominantly optimistic.