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Bitcoin’s (BTC) fresh move brought back the enthusiasm in the crypto market. The <a href="https://news.todayq.com/bitcoin-top-dog-nears-1-billion-mark-can-it-beat-pepe/">biggest digital asset</a> regained the crucial $71,000 mark with a continuous five-day streak of gains. This gain reflects an increased confidence in global markets regarding potential Federal Reserve interest rate cuts this year. Bitcoin jumps 12% in 30 days 
Data shows that Bitcoin price has surged by over 12% in the last 30 days, keeping the momentum high while other top cryptos saw a decline. BTC price jumped by 3% over the last 24 hours. Bitcoin is trading at an average price of $71,135, at the press time. Its 24 hour trading volume is up by 26% to stand at $37.13 billion. 
Reports suggest that traders are increasingly pricing in the likelihood of a Fed rate cut as early as November. This comes following data that showed moderating US inflation and a softer jobs market. It added that some Treasury yields recorded their largest two-day declines of the year.&nbsp; 
The global digital assets market cap jumped by 3% over the last day to stand at $2.63 trillion. However, its 24 hour trading volume is up by 12% to stand at $90.24 billion. Top cryptos like BNB and Solana prices surged by 12% and 5%, respectively. 
BNB closely associated with the Binance ecosystem traded at a $706 price surpassing its previous all-time high of nearly $691 in 2021. BNB’s more than 100% rally this year reflects improved perceptions about Binance’s outlook since November. That was the time when the exchange pleaded guilty to violations of US anti-money-laundering and sanctions laws. It resulted in a $4.3 billion penalty. 
Bitcoin’s recent attempts to sustain climbs above $70,000 have met with resistance, but optimism remains fueled by consistent inflows into dedicated US exchange-traded funds and progress in Washington toward a clearer crypto regulatory framework. What’s behind this surge? 
In Japan, crypto exchange DMM Bitcoin announced plans to raise 50 billion yen ($321 million) to buy Bitcoin and reimburse customers affected by a major hack. The platform assured that it will take measures to avoid impacting the Bitcoin market with these purchases. 
A short-term, 30-day correlation between Bitcoin and the Nasdaq 100 Index of US technology stocks is currently around its highest level since early 2023. This suggests that further gains in the equity gauge could coincide with moves higher in Bitcoin.

Bitcoin blasts past $71K, Is Fed Rate cut fueling this rocket?

Todayq News

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