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The post <a rel="nofollow" href="https://coinpedia.org/news/why-bitcoin-price-surged-to-29k-today/">Top Reasons Why the Bitcoin Price (BTC) Surged to $29K Today</a> appeared first on <a rel="nofollow" href="https://coinpedia.org">Coinpedia Fintech News</a> 
<a href="https://coinpedia.org/price-prediction/bitcoin-price-prediction/">Bitcoin</a>, the world’s top cryptocurrency, surged by 3.7% after Federal Reserve Chair <a href="https://www.wsj.com/economy/central-banking/feds-jerome-powell-signals-extended-pause-in-interest-rate-rises-88b90863">Jerome Powell</a> dropped hints during a Thursday midday speech about a potential halt in interest rate hikes. 
In a press conference, Powell indicated that if inflation continues its recent progress and long-term Treasury yields stay high, the central bank might take a pause in its series of historic interest rate increases. This news had an instant impact on financial markets, leading to Bitcoin’s swift and substantial 3.7% price surge in the past 24 hours. 
<h2 class="wp-block-heading" id="h-powell-speaks-out">Powell Speaks Out </h2> 
Powell’s recent statements align with those of other central bankers who aim to maintain stable short-term interest rates during the October 31 to November 1 meeting. 
The <a href="https://coinpedia.org/news/federal-reserves-eye-opening-report-on-tokenization-is-it-good-for-crypto/">Fed chair</a> mentioned that market uncertainties have complicated their task of finding the right balance for monetary policy, neither too tight nor too loose. He also boosted investor confidence by asserting that the US economy remains strong amidst global challenges. 
Also Read: <a href="https://coinpedia.org/news/cpi-report-released-us-inflation-defies-expectations-holding-steady-at-3-7/">CPI Report: US Inflation Steady at 3.7%, Despite Fed’s Efforts</a> 
Optimism Runs High 
A significant driver of this positive sentiment was the recent development in the ongoing XRP lawsuit, with the US SEC deciding to drop charges against Ripple executives on Thursday. This development alone pushed the XRP price up by over 8%, reaching $0.52. 
As a result of Powell’s statements, Bitcoin has seen a notable 3.7% price increase, now standing at $29,331. This surge has ignited hopes of reaching the $30,000 mark, a level last seen amid false rumors about BlackRock’s spot ETF approval. 
<h2 class="wp-block-heading" id="strong-altcoins-join-the-rally-strong">Altcoins Join the Rally</h2> 
Other alternative cryptocurrencies, like <a href="https://coinpedia.org/price-prediction/solana-sol-price-prediction/">Solana (SOL)</a>, also witnessed a substantial 10% surge, indicating a robust breakout. 
Read More: <a href="https://coinpedia.org/price-analysis/crypto-market-analysis-end-of-bear-market-is-near-when-will-bitcoin-altcoins-bounce-back/">Bear Market is Ending! When Will Bitcoin &amp; Altcoins Bounce Back?</a> 
This presents an encouraging opportunity for investors to enter the market before the next significant bull run in the crypto space begins.

Top Reasons Why the Bitcoin Price (BTC) Surged to $29K Today

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