• Bitcoin soared to an all-time excessive of over $76,600 on Thursday amid bullish temper surrounding Donald Trump's election victory.
• The US Federal Reserve's resolution to chop rates of interest by 25 foundation factors (bp), signaling additional tightening, additionally boosted the market.
• Analysts say an inflow of “low cost capital” might strengthen the bull market.

Bitcoin has risen for the third day in a row, hitting a brand new all-time excessive of over $76,000.

The flagship cryptocurrency hit a excessive of $76,677 on main exchanges on November 7, in response to information from CoinGecko. This comes after BTC hit a brand new all-time excessive of over $75,000 on November fifth following the information that Donald Trump gained the US presidential election.

The highest cryptocurrency additionally rose above $76,000 after Kamala Harris conceded defeat and confirmed that US President Joe Biden will hand over energy to the following forty seventh president. .

Bitcoin creates new ATH amid Fed rate of interest cuts

On November seventh, Bitcoin worth hit a brand new all-time excessive of over $76,600 after the Federal Reserve introduced a 25 foundation level rate of interest minimize. The information introduced within the wake of President Trump's victory added to the constructive buzz throughout threat asset markets.

That is the Fed's second rate of interest minimize, following a 50bps charge minimize in September. The transfer comes as inflation information slows and the job market cools. Given the Fed's rate of interest cuts and Chairman Jerome Powell's feedback, the market is prone to transfer larger. Will “low cost capital” enter the market? Investor and entrepreneur Anthony Pompliano thinks so.

BREAKING: The Fed has minimize rates of interest by 25 foundation factors.

Low-cost capital is flowing into the market.

— Anthony Pompliano 🌪 (@APompliano) November 7, 2024

BTC led the cryptocurrencies with a quick surge, whereas Ethereum, Solana, and BNB posted notable features.

For instance, ETH soared from $2,717 throughout the day to cross the $2,880 mark. After hovering to almost $198, SOL moved into the highest 4 by market cap, overturning BNB, which has a market cap of greater than $92.8 billion.

In the meantime, BNB hit a excessive above $610, surpassing $600 for the primary time since late October. On the time of writing, the coin's market cap was $87.3 billion.