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The price of Bitcoin has increased by about 2.7%, surpassing the $70,000 threshold. There may be several reasons for this:
⚫ Microsoft has announced plans to consider investing in Bitcoin. BlackRock, the issuer of IBIT ETF, is a major shareholder of Microsoft, which increases the chances of approval.
⚫ Pennsylvania has passed the Bitcoin Bill of Rights, which protects Bitcoin's right to self-custody and allows it to be used as a payment method.
⚫ It was announced that Tesla did not sell any of its approximately 11,500 Bitcoins, which are worth about 780 million dollars.
⚫ While many expect the Fed to lower interest rates, Bank of America's CEO expects a 50 basis point rate cut in 2024 and four 25 basis point rate cuts in 2025.
⚫ US-approved political betting site Kalshi sets Donald Trump's winning odds at 62%. Trump is still seen as a pro-crypto candidate.
⚫ The open interest of BTC reached a new peak, supporting the rise, with $40.89 billion.
As Bitcoin surpassed $70,000, liquidations were less than $170,000, indicating that market sentiment is mostly bullish.