Key Takeaways
- Bitcoin reached a new all-time high of $74,978, surpassing its previous record.
- China's fiscal stimulus and US election outcomes are influencing the crypto market.
Bitcoin reached a new all-time high of $74,978 according to CoinGecko data, surpassing its previous record of $73,777, before settling at $74,518.
Google (NASDAQ:GOOGL) search interest for Bitcoin stands at 21 out of 100, considerably lower than during the March 2021 bull market when interest peaked at 100 as Bitcoin reached $69,000 in November 2021.
China’s proposed $1.4 trillion fiscal stimulus package, which includes 6 trillion yuan for local debt relief and 4 trillion yuan for land and property purchases, is expected to be approved in early November. The stimulus could increase global liquidity and risk appetite.
The upcoming US election has emerged as a significant factor in the crypto market. Trump’s reelection probability has increased to 97% according to Polymarket data, with his pro-crypto stance viewed favorably by Bitcoin investors.
Market expectations for the November 7 Federal Reserve meeting indicate a 97% probability of a 25 basis point rate cut, according to the FedWatch tool.
Reduced tensions in the Middle East and China’s anticipated stimulus measures have strengthened investor confidence in the market.