Bitcoin Soars Past $65,000 Following Fed Rate Cut and China’s Stimulus, Predicted to Hit New Highs Soon

According to the latest report from 10X Research, Bitcoin has surged past $65,000, thanks to the Fed’s mid-September rate cut and China’s recent economic stimulus. Markus Thielen of 10X Research predicts a swift climb to $70,000, with potential for new highs in the near future. Following the Fed’s July meeting, where interest rates remained unchanged but future policy relaxation was hinted, a significant uptick in stablecoin minting was observed. Approximately $10 billion in stablecoins has flooded the market, overshadowing spot ETF inflows and providing much-needed liquidity. Notably, Circle’s USDC has accounted for 40% of these inflows, suggesting a rise in DeFi-related activities. Thielen notes that the cryptocurrency market could see a substantial uptrend in Q4, potentially triggering increased FOMO among investors.