Shift

Bank

Solana

Bitcoin

BlackRock

<p>After hinting at a potential market reversal, <a href="https://coinpedia.org/news/crypto-news-today-oct-24th-2024-bitcoin-steady-solana-soars-goat-gains-big/" target="_blank" rel="noreferrer noopener">Bitcoin (BTC)</a> climbed back above $67,000 earlier today, setting the stage for some significant market events in the coming weeks. The leading cryptocurrency dipped to a low of around $65,000 within 24 hours before rising to about $67,538 during the early European trading session on Thursday.</p>   
<p>As Bitcoin bounced back, the altcoin market, led by Solana (SOL), saw gains too. This price surge resulted in more than $273 million being liquidated in the crypto-leveraged market, with long traders experiencing most of the losses.</p>   
<p>With so much at stake, investors and traders are closely watching the crypto market. Here's what you should know. </p>   
<h2 class="wp-block-heading" id="h-top-factors-behind-the-bitcoin-price-rebound-today">Top Factors Behind the Bitcoin Price Rebound Today</h2>   
<h3 class="wp-block-heading" id="h-ongoing-economic-shift"><strong>Ongoing Economic Shift</strong></h3>   
<p><a href="https://coinpedia.org/news/morgan-stanleys-bitcoin-etf-holdings-revealed-the-272-million-strategy/" target="_blank" rel="noreferrer noopener">Bitcoin's recent rebound</a> has been influenced by several key factors, particularly institutional adoption and macroeconomic trends. A major development occurred on Wednesday when the Bank of Canada made a bold move to lower its benchmark interest rate by half a percentage point, bringing it to 3.75%. This decision came as inflation showed signs of easing.</p>   
<p>Moreover, the Beige Book, a Federal Reserve report that reviews economic conditions across 12 regions, indicated a stable economy with slowing inflation. This report fueled speculation about a possible rate cut in early November, following the<a href="https://www.youtube.com/watch?v=aP2Q_7rzNs0&amp;pp=ygUadXMgZWxlY3Rpb24gMjAyNCBjb2lucGVkaWE%3D" target="_blank" rel="noreferrer noopener"> U.S. 2024 elections.</a></p>   
<blockquote class="wp-block-quote">
  
 <p><em>“The Beige book comments got the markets' attention and helped to solidify the belief that another 25 bps cut is coming in November and a high chance of one in December. The turn in the dollar was across the board afterward,” </em>ForexLive noted in a blog post.</p> 
</blockquote>   
<h3 class="wp-block-heading" id="h-rising-demand-from-whale-investors-the-perfect-safe-haven"><strong>Rising Demand from Whale Investors&nbsp;</strong>- The Perfect Safe Haven?</h3>   
<p>Despite a stronger U.S. dollar and a rally in the precious metals market, Bitcoin continues to attract investors looking for a hedge against economic risks. Its appeal as a long-term store of value remains strong, even as macroeconomic conditions change.</p>   
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<p>Adding to the momentum, BlackRock continued its aggressive Bitcoin purchases on Wednesday, buying coins worth over $317 million. This accumulation trend has contributed to a significant drop in the amount of Bitcoin held on <a href="https://coinpedia.org/exchange/" target="_blank" rel="noreferrer noopener">centralized exchanges</a>, as more investors choose to store their assets in private wallets.</p>   [post_titles_links postid="371162"]   
<h2 class="wp-block-heading" id="altcoins-join-bitcoin-s-rally">Altcoins Join Bitcoin’s Rally</h2>   
<p>The altcoin market followed Bitcoin’s upward movement, with Solana (SOL) leading the way. The simultaneous gains across multiple cryptocurrencies reflect renewed optimism in the crypto market.</p>   
<p>Bitcoin's steady rise and recent gains show growing confidence in the crypto space, fueled by a mix of institutional interest and macroeconomic factors. As the end of the year approaches, high-impact events could shape the market's direction, keeping investors on their toes.</p>   
<p><strong>Is the Bitcoin bull run back? We're keeping our fingers crossed. </strong></p>

Why Bitcoin Price is Up Today? Whale Buying, Fed Report & More!

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