Bitcoin price: Chain of price increases
Early this morning (October 29), Bitcoin - the world's largest cryptocurrency by market value - continued to increase by 0.11% to reach 115,161.80 USD.
This new price contributes to bringing market capitalization to 2,296 billion USD, up 39 billion USD. On the other hand, trading volume in the 24-hour reversal reversed and decreased, currently at 58.48 billion USD, down 6.74 billion USD.
Assessment and forecast
The central bank is expected to cut interest rates to promote monetary easing policy, which could increase the value of risks, including cryptocurrencies.
The bank plans to cut the standard interest rate by 25 basis points, but the market is still quite cautious at the moment.
According to analysis by research analyst Lacie Zhang from Bitget Wallet, the number of futures contracts in the cryptocurrency market increased to nearly 30 billion USD from 25 billion USD last week. This shows that the increase in betting that takes advantage of leverage can lead to rapid fluctuations in both directions. Zhang described this as a "double-sided danger, which could increase the rally above $112,000 but also increase the risk of liquidating below $1100,000".
Bitcoin has increased by about 6% over the past week, thanks to optimism about the possibility of a breakthrough in US-China trade and expectations of the Fed keeping cash flow flow into the market.
The next shift depends not only on the Fed's direction in the coming time, but also on the results of the meeting between President Donald Trump and Chinese President Xi Jinping this weekend.
