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Bitcoin’s value has soared, crossing the $65,000 threshold for the first time this month, according to CoinGecko. As of early Monday, it had climbed further to surpass $66,000. Despite a sluggish start to October, a month historically known for its substantial market gains and referred to as “Uptober” by traders, Bitcoin has impressively surged over 6% in just 24 hours.
This upswing coincides with an influx of investments into new Bitcoin exchange-traded funds (ETFs), following the Federal Reserve’s recent decision to lower interest rates, which had previously reached record highs. This reduction has benefitted cryptocurrencies, which tend to perform well when interest rates are lower, reflecting their status as “risk-on” assets.
The broader crypto market is also experiencing a rally, with Ethereum and Solana posting similar gains. Ethereum’s price has increased by nearly 6% over the past day, reaching $2,620.59, while Solana has jumped to $155 per coin, marking an equivalent rise. This surge represents a significant rebound from earlier volatility fueled by geopolitical tensions and economic uncertainties.
