Bitcoin has been witnessing a surge in its price, reaching an impressive $36,000 – a 4% increase from Thursday. The bullish momentum has been driven by major corporate investments, regulatory dialogues, and broader financial market dynamics.
Canadian Member of Parliament (MP) Joël Lightbound has urged the public to research and understand Bitcoin’s significance. In a parliamentary session, Lightbound highlighted how Bitcoin has empowered the underbanked and living under repressive regimes. He cited statements from Jack Dorsey and SEC Chairman Gary Gensler, which further emphasizes Bitcoin’s growing influence.
The Federal Reserve’s decision to maintain interest rates has been pivotal in promoting market confidence. Analysts are anticipating a potential end to the era of increasing rates as inflation data shows signs of stabilization in September at 3.7%.
The news of MicroStrategy acquiring 155 Bitcoins for a sum of $5.3 million has propelled Bitcoin’s price beyond $35,000. Apart from Bitcoin and Ethereum, the market capitalization of cryptocurrencies has been declining over the past 18 months, but the news of MicroStrategy’s acquisitions has positively impacted the overall market sentiment.
Legendary hedge fund manager Stanley Druckenmiller acknowledged his desire to own Bitcoin even though he currently does not possess any. He believes that younger generations view Bitcoin as a reliable store of value. However, he withdrew from cryptocurrencies due to the stringent policies of central banks.
Bitcoin’s price shows resilience, hovering around the crucial $35,222 mark with the Relative Strength Index (RSI) at 69. Additionally, the 50-Day Exponential Moving Average (50 EMA) is supporting a short-term bullish outlook.
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