Bitcoin, the world's leading cryptocurrency, has hit a crucial price point of nearly $100,000, sparking interest in what this might mean for the crypto market in coming days.
Bitcoin edges closer to $100K
Bitcoin is trading at $99,095.94, up 2.71% in 24 hours. The crypto has a market capitalization of $1.97 trillion and a 24-hour trading volume of over $48.27 billion.
The crypto is now on the cusp of hitting the $100,000 mark, a price level that many analysts had predicted for Bitcoin to reach by the end of 2024.
Bitcoin's price gains come as the Fed's tone and its $20.5 billion Treasury bond purchase on May 5, which will be used to replenish the Federal Reserve's securities portfolio, point to an injection of liquidity, a traditionally bullish factor for Bitcoin.
"When the Fed Funds rate is higher than the 'neutral' rate, the American economy will slide into recession or stagnation," noted economist Jim Paulsen, known for his analysis of socio-economic trends. He also highlighted the increasing popularity of crypto as a hedge.
Further boosting Bitcoin's ascent is the decline in the US Dollar Index (DXY) below 100 and a 12% surge in gold prices. Both events reflect a growing skepticism in fiat systems and a rising demand for scarce, inflation-resistant assets.
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