Bitcoin rises 3% as S&P 500’s hits all-time high
Key Takeaways
- S&P 500 reaches all-time high as Bitcoin’s 3% rise signals market optimism.
- The S&P 500’s potential 30% gain in 2024 would mark its highest annual increase since 1997.
Share this article
Bitcoin saw a notable increase of 3% today, reaching a price of $62,400. This upward momentum coincides with the S&P 500 reaching an all-time high of 5,819, currently trading at 5,809.
Bitcoin’s rally comes at a time when traditional assets are seeing significant gains, with the S&P 500 achieving its strongest year-to-date performance in 24 years, up over 22%.
In a recent post on X, The Kobeissi Letter described the current stock market run as “the most resilient market in history.”
Over the past year, the S&P 500 has gained an impressive $13 trillion in market capitalization. If this momentum continues, the index is expected to achieve a 30% gain in 2024, which would be the largest annual increase since 1997.
Amid the broader bullish market sentiment, Bitcoin has regained ground after a brief dip following the release of the latest CPI numbers. The asset recovered from a low of $59,000 to a high of $62,400, with its market capitalization surpassing $1.23 trillion.
Analysts are closely monitoring key levels, with $63,900 as a potential breakout point and resistance around $65,000. However, a drop below $60,200 could signal another pullback for traders.
Today’s Producer Price Index (PPI) data from the US, which exceeded expectations, signals rising inflationary pressures, adding weight to Bitcoin’s appeal as a hedge asset. The PPI for September came in at 1.8%, above the expected 1.6%, reinforcing concerns that inflation remains a significant challenge for the Fed.
Despite inflation concerns, the Fed’s 0.5% interest rate cut last month has given a boost to both equities and crypto. Investors are now closely watching the FedWatch Tool, which shows an 88% probability of another rate cut by 25 basis points in November.
The S&P 500 continues to hit record highs, while Bitcoin has regained some ground, reflecting broader optimism. However, market observers remain cautious as potential volatility looms with future Fed decisions.
Share this article
?xml>?xml>?xml>
Read More
Be the first to write a comment.
