Summary: Bitcoin has experienced a 3% increase in price, reaching $62,400, coinciding with the S&P 500 reaching an all-time high. Traditional assets, including the S&P 500, have been performing well, with the index achieving its strongest year-to-date performance in 24 years. Bitcoin recovered after a brief dip, and its market capitalization is now over $1.23 trillion. Rising inflation concerns, highlighted by the US Producer Price Index data, have increased Bitcoin's appeal as a hedge asset. The Fed's recent interest rate cut has boosted both equities and crypto, with the likelihood of another rate cut in November. However, market observers remain cautious about potential volatility with future Fed decisions.
- Content Editor ( cryptobriefing.com )
- 2024-10-11
Bitcoin rises 3% as S&P 500’s hits all-time high