There is a possibility of Bitcoin surpassing $35,000 by Christmas and Jerome Powell, the Chairman of the Federal Reserve, is credited for this potential surge. The Federal Reserve recently decided to maintain interest rates, which has eased concerns in the market.
If the Bureau of Labor Statistics’ inflation reading on November 14 indicates a downward trend, investors may expect a cut in interest rates, leading to increased investments in risk assets, including cryptocurrency. Furthermore, the approval of the first U.S.-based Bitcoin spot exchange-traded fund (ETF), likely to occur before January 10, is expected to provide a significant boost to Bitcoin and other cryptocurrencies.
However, potential obstacles such as higher inflation in the U.S. and geopolitical tensions are important factors. Despite the challenges faced by the crypto market, Bitcoin has already experienced substantial growth this year, although many investors still have year-on-year losses. Nonetheless, the article emphasizes the resilience of the crypto market and its positive ending to the year.
Source: Cointelegraph
