$BTC Bitcoin (BTC), the world's largest cryptocurrency, has again hit an all-time high of US$76,943 early Friday (11/08). This record is the second in a week after Bitcoin hit its highest point after 8 months.
There are two major factors driving the growth of Bitcoin prices. First, The Federal Reserve (The Fed), the central bank in the United States, decided to lower its benchmark interest rate.
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The US benchmark interest rate was cut by 25 basis points (bps) to 4.5% to 4.75%. This decision is the second time, after the Fed last month cut interest rates for the first time in 2 years.
The benchmark interest rate does indeed greatly affect crypto, especially Bitcoin. Because, the lower the interest rate, the more money will circulate in the community. This means that the financial market, including crypto, will receive a larger amount of funds than usual.
Second, the results of the United States General Election that was just held earlier this week. Republican presidential candidate Donald Trump was re-elected after defeating Kamala Harris by winning 295 electoral votes.
Not only that, some sources say that there are more than 250 members of the US Congress, consisting of the House and Senate, who are pro-crypto. They are even funded by a number of pro-crypto political funds.
Thus, it is only natural that Bitcoin has experienced a significant surge in the past week. What are your views?