Bitcoin (BTC) started to rise as the selling pressure from Mt Gox and the German government came to an end. BTC's rise was driven by a positive agenda consisting of many topics.
The cryptocurrency market had a rough start to July. Mt Gox's announcement that it would repay $9 billion worth of BTC to its creditors and the accompanying German government's BTC sales affected the cryptocurrency market. BTC fell as low as $53,500 amid panic.
This negative mood in the cryptocurrency market changed with a few important developments. The developments on the agenda pushed BTC to $63,000.
Three important agendas in the cryptocurrency market
There have been important developments in crypto in recent days. Better-than-expected inflation data in the US raised the possibility of an interest rate cut by the Fed. The assassination attempt of Bitcoin-friendly Donald Trump was seen as a potential election victory. Spot Ethereum ETFs will be launched this week.
The Fed is expected to cut interest rates at least twice by the end of the year. Analysts suggested that the rate cut will start around September. Experts expect interest rates to fall and money to start flowing into the crypto sector without a recession.
Trump, on the other hand, gave his election rival Joe Biden a 'crucial blow'. Trump was assassinated at a rally and survived with an ear wound. Election polls in the US suggested that Trump would receive over 60 percent of the vote after this attempt. Trump had become a popular name with his moderate statements about cryptocurrencies and emphasizing the importance of Bitcoin.
The US elections will be held in November. The fact that the Fed will cut interest rates between similar dates also raises bullish expectations.
Another item on the agenda was spot Ethereum ETFs. Spot ETH ETFs, which are interpreted as the savior of the cryptocurrency market, are expected to be launched this week. Analysts suggested that ETH will rise to an all-time high once ETFs start trading.
Ether's rise also means the rise of altcoins. Many, if not all, altcoins that are correlated with ETH are thought to be on the rise. These altcoins include Arbitrum, Uniswap, Optimism, Manta Network and Lido.
This article does not constitute investment advice or recommendations. Every investment and trading move involves risk and readers should do their own research when making a decision.