Bitcoin Price Reaches $65,000 Level for the First Time Since July 31st

Bitcoin showed a strong upward trend, recovering to the $65,000 level on the 26th (local time). This is the first time Bitcoin has exceeded $65,000 since July 31st. According to Coinbase, an American virtual currency exchange, on this day, Bitcoin was traded at $65,224, up 2.70% from the previous day.

Interest Rate Cut Expectations and SEC Approval Boost Bitcoin Prices

This rise in Bitcoin prices is related to the U.S. Federal Reserve’s (Fed) interest rate cut. Ahead of Federal Reserve Chairman Jerome Powell’s speech at the ‘U.S. Treasury Market Conference’ in New York, investors are paying attention to the possibility of further interest rate cuts. QCP Capital analyzed that “Chairman Powell’s remarks are likely to have an impact on changes in market sentiment.”

Additionally, expectations for Bitcoin are growing as the U.S. Securities and Exchange Commission (SEC) approved BlackRock’s Bitcoin spot exchange-traded fund (ETF). The BlackRock ETF awaits additional approval from the U.S. Commodity Futures Trading Commission (CFTC), but is expected to receive capital inflow from institutional investors. This is supported by the inflow of $184.4 million into BlackRock’s spot ETF on the 25th.

Ethereum and Solana Prices Also Rise Amid Market Sentiment Shift

Meanwhile, along with the rise of Bitcoin, Ethereum also rose 2.18% to $2651, and Solana rose 4.19% to $157 and is now undergoing a slight adjustment.