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Reading: Bitcoin Surpasses $73,000 with Trump Momentum, Then Pulls Back! What’s Next?
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Deythere > News > News > Bitcoin Surpasses $73,000 with Trump Momentum, Then Pulls Back! What’s Next?
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Bitcoin Surpasses $73,000 with Trump Momentum, Then Pulls Back! What’s Next?

Bitcoins recent price surge above 73000 with a connection to U.S. political and economic factors. The image should featur
Thalia Galanis
Last updated: October 30, 2024 12:57 pm
By
Thalia Galanis
Published October 30, 2024
2 Min Read
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Bitcoin (BTC) has been making waves with recent price movements, climbing by 8% to exceed $73,000 before pulling back to around $72,000. Investors are closely watching to see if this momentum will continue or if further adjustments lie ahead.

Contents
Factors Fueling Bitcoin’s RiseFed Rate Cut Outlook Awaits Jobs DataBig Tech Earnings Could Steer Markets

Factors Fueling Bitcoin’s Rise

Several factors are driving Bitcoin’s surge: robust demand for U.S. spot Bitcoin ETFs, anticipation of a new global monetary easing cycle, and increased chances for pro-crypto candidate Donald Trump in the U.S. presidential election. Key states like Nevada and Pennsylvania may play decisive roles in the election, and as the race concludes next week, markets are eager to see if the so-called “Trump Trade” will sustain Bitcoin’s momentum or if unforeseen shifts could emerge.

BTC 7D graph coinmarketcap 860x573 1

Fed Rate Cut Outlook Awaits Jobs Data

The U.S. Non-Farm Payrolls data, a crucial economic indicator, will be released this Friday. Analysts anticipate around 110,000 job additions, which is nearly half of the previous report’s figure. This report is crucial ahead of next week’s Federal Reserve meeting, with markets assigning a 96.5% probability to a 25-basis-point rate cut in November. Expectations are also high for another potential rate cut in December, with a 75% chance. This jobs data will play a key role in confirming these rate cut prospects.

Big Tech Earnings Could Steer Markets

This week, tech giants like Alphabet, Apple, Meta, Amazon, and Microsoft will release quarterly earnings. While these companies are expected to post profit increases of around 19-20%, this represents the slowest growth in six quarters. These earnings reports, though uncertain in their market impact, are pivotal for gauging broader market sentiment, which could ripple into the crypto market as well.

For more in-depth analysis on how Bitcoin’s recent trends align with economic and market events, Dey There provides up-to-the-minute insights.

Bitcoin, Donald Trump, spot Bitcoin ETF, Fed rate cut, Non-Farm Payrolls

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