Bitcoin Exceeds $65 Thousand for the First Time Since Early August

Bitcoin (BTC) surpassed $65,000, returning to levels not seen in nearly two months.

The largest cryptocurrency by market cap is trading at $65,400, up 2.7 percent in the last 24 hours. The CoinDesk 20 Index shows that Cardano (ADA), Avalanche (AVAX), and NEAR Protocol (NEAR) are also up 1.6% in the same time frame, but ether (ETH) is underperforming the rest.

Bitcoin’s rise began last week when the US central bank, the Fed, cut interest rates for the first time since the Covid pandemic. Investors are expecting another cut at the Fed’s Nov. 7 meeting, with current bets favoring a 50 basis point cut, according to the CME FedWatch Tool.

Another major catalyst, not just for bitcoin but for global markets in general, has been China, where authorities are reportedly considering injecting 1 trillion yuan ($142 billion) of capital into the country’s largest state-owned banks in a bid to stimulate the economy.

Following the developments, China’s Shanghai Composite Index increased by another 3.6% and is on track to have its best week in the last decade. European stocks rose nearly 1%, while U.S. stocks also turned green.

The news also increased the prices of precious metals. Gold reached a record high above $2,700 per ounce, while silver climbed to its strongest level in 12 years.

With the rising price of BTC, there is a resurgence of interest in US-based spot bitcoin ETFs, which have been through tough times lately. BlackRock’s iShares Bitcoin Trust (IBIT) reported large inflows of approximately $185 million.