"Hmm I wonder if the price of BTC will continue to rise or not?"
Shocking the entire cryptocurrency market, the price of Bitcoin (BTC) finally managed to bounce back up to $66,640 when the United States (US) Consumer Price Index (CPI) data release yesterday dropped 3.4% from 3.5%.
The decline has not only led to increased activity in BTC but significant interest from major global banks as many including investors may view BTC as a hedge against economic instability.
There is no denying that the Federal Reserve (Fed) is currently using a cautious wait-and-see approach, but the latest data may speed up its timeline for cutting interest rates.
The rise in BTC prices is also driven by increasing institutional interest where leading banks such as JPMorgan and Wells Fargo as well as international banks UBS and Bank of Montreal have invested heavily in spot BTC ETFs.
Further fueling the momentum of the crypto market are investments from entities such as the Wisconsin State Board of Investments which invested $99 million in BlackRock's spot BTC ETF thus sparking an increase in the legitimacy and stability of BTC as an asset class.
Please note that the price of BTC is seeing a massive increase due to the continued development in the ETF sector combined with the macroeconomic factors that have been talked about more and more lately.
According to Timothy Peterson, Founder of Cane Island Alternative Advisors and Investment Manager, BTC could reach the much-anticipated level of $100,000 by the fourth quarter of 2024 or the second quarter of 2025 if the yield falls in the range of 6% and 7%.
As of this writing, BTC price has surged by 7.14% to $66,058 in the past 24 hours with a market capitalization of over $1 trillion and is up 7.46% over the past week.
