Bitcoin jumps to over US$84,800 after ETF flows turn positive
[NEW YORK] Bitcoin surged near US$85,000 to its highest since late January, extending a sharp rebound as falling oil prices and a...
Bitcoin prices reached over US$85,000, marking its highest point since late January, as falling oil prices and a renewed risk appetite contributed to a positive shift in cryptocurrency markets. The surge occurred despite the US Clarity Act's failure to provide clearer regulatory guidelines and after the Federal Reserve increased interest rates.
Even though Bitcoin has yet to reach its October record, the gains are part of a broader market recovery driven by falling oil prices and optimism ahead of a US-China summit. Ether, the second-largest token, also experienced a 4.3% increase, reaching US$2,747, joining other cryptocurrencies like XRP, Solana, and Monero in posting gains.
Analysts attribute the market's renewed risk-on mentality to the Federal Reserve's policy shift and the recent failure of the Clarity Act, which had previously unsettled investors. As of September 17, the Securities and Exchange Commission approved digital securities trading in the US, further boosting market sentiment. However, despite the recent rally, Bitcoin remains far from its January peak, and some traders remain skeptical about the sustainability of the upward trend due to ongoing macroeconomic challenges.
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