CandleFocus Fidelity's Timmer Names Main Driver of Bitcoin Rally
2024-11-27
Author: Content Editor
Fidelity's director of global macro, Jurrien Timmer, believes that Bitcoin exchange-traded funds (ETFs) are the main catalysts behind the recent rally that almost pushed Bitcoin's price to $100,000. Timmer also noted the increasing open interest in the futures market, driven by hedge funds and levered speculators. He stated that Bitcoin is currently sitting at its fair value range based on various factors such as adoption curve, real rates, and money supply. Bitcoin is currently trading at $96,386 and is approaching its record high of $99,645 achieved five days ago.
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