5 Reasons Why Bitcoin Rallied 10% In 7 Days To $63K: Bernstein

Bitcoin’s (CRYPTO: BTC) breakout to $64,000 has been fueled by several reasons, according to a new Bernstein analyst note.

What Happened: The analysts cite rate cuts, bipartisan crypto support, Bitcoin ETF momentum, miner stability post-halving, and reduced selling pressure as catalysts for Bitcoin’s 9% seven-day spike. Ethereum (CRYPTO: ETH) has shown even stronger performance, up 17% on the week.

• Rate cuts and fiscal policy: The 50-basis point rate cut, and record-high gold prices have bolstered Bitcoin as an alternative asset. Bernstein notes that “Any signal of loose monetary policy and potentially weaker dollar, is positive for Bitcoin.” Year-to-date (YTD), Bitcoin is up 45%, compared to gold’s 27%.
• Bipartisan crypto support: Both Kamala Harris and Donald Trump have signalled support for digital assets, though the crypto community seeks more …

Full story available on Benzinga.com