The price of Bitcoin passed the $65,000 mark on Thursday for the first time since the start of August, and now stands at $65,325, data from CoinGecko shows.
Over the past day, the coin has risen by 3% to reach the nearly two-month high, further rebounding from a rough early September start that saw the price of Bitcoin plunge as low as $53,000.
The asset's rise comes one week after the Federal Reserve's decision to cut interest rates. Bitcoin and other digital coins and tokens have since risen—alongside have U.S. equities—as investors throw money back into riskier assets.
More traditional investors are getting exposure to the asset via the new Bitcoin exchange-traded funds (ETFs)—and have put money into the investment vehicles for the fifth day in the row, data from Farside Investors shows.
Since the last time money exited the funds—last Wednesday, when Federal Reserve Chair Jerome Powell spoke—nearly half a billion dollars, $496.7 million, has been plugged back into them.
Bitcoin tends to do better in a low interest rate environment, because an such an economic landscape allows traders to take more risks. But the asset has risen significantly since 2022, when interest rates were hiked to historic highs and the coin hit a low of below $17,000.
'Uptober' Starts Early as Bitcoin Price Pump Smashes Short Positions
Bitcoin has jumped in price following the Federal Reserve's decision yesterday to cut interest rates—and traders who shorted the are being wiped out in a growing wave of liquidations. The biggest digital coin's price is now sitting at $63,199 per coin after jumping more than 6% in 24 hours, CoinGecko shows. In the past day, over $154 million in short positions have been liquidated across all cryptocurrencies, CoinGlass data shows. Of that figure, nearly $74 million were Bitcoin positions. Short...
Now, all eyes are on who will win the U.S. presidential election in November. Former President Donald Trump has been far more outspoken about helping the crypto industry; Democrat Kamala Harris has been quiet on the subject, only this week mentioning "blockchain" in a Wednesday speech after reportedly noting plans to support "digital assets" in the country during a weekend fundraising event.
Elsewhere, Ethereum, the second biggest cryptocurrency by market cap, is up by 2% over the past day and is trading hands for $2,651. Solana, too, has climbed by more than 5% in 24 hours and is now priced at $157.
Edited by Andrew Hayward
