Bitcoin price nears $90,000. What's behind the rally and will it continue?
India TodayBitcoin has pushed to a new record, reaching an all-time high of over $89,000 on Tuesday, as optimism around favourable regulatory changes and growing institutional interest fuel the surge. The U.S. Federal Reserve’s 25 basis points rate cut in November has directed investor sentiment toward alternative assets like Bitcoin. Edul Patel, CEO of Mudrex, called the ETF approval a “game-changer,” adding that rate cuts in major economies have also increased cash flow into alternatives like Bitcoin. He highlighted growing interest from institutions and the role of Bitcoin ETFs in marking the end of the “crypto winter.” The BTC fear-greed index, now showing “Extreme Greed,” reflects strong investor sentiment, with $2.8 billion in Bitcoin futures betting on the cryptocurrency crossing $90,000. This rally has also lifted other digital assets like Ethereum, which hit $3,200, underscoring Bitcoin’s impact across the broader cryptocurrency market Published By: Koustav Das Published On: Nov 12, 2024