Bitcoin price reached a new all-time high of $74,900
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Bitcoin surpassed its previous record high and hit a new all-time high of $74,978. China's fiscal stimulus and US election results are influencing the crypto market.
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According to CoinGecko data, Bitcoin reached a new all-time high of $74,978, surpassing the previous record of $73,777, before settling at $74,518.
Google's Bitcoin search demand is 21 out of 100, well below the March 2021 bull market peak of 100, when Bitcoin reached $69,000 in November 2021.
China's proposed $1.4 trillion fiscal stimulus package, which includes 6 trillion yuan in domestic debt relief and 4 trillion yuan in land and property purchases, is expected to be approved in early November. The stimulus can threaten global liquidity and appetite.
The upcoming US election has played a major role in the crypto market. According to Polymarket data, Trump's probability of being elected has increased to 97%, as his pro-crypto stance is viewed favorably by Bitcoin investors.
Market expectations for a November 7 Federal Reserve meeting indicate a 97% chance of a 25 basis point cut, according to the FedWatch tool.
The easing of tensions in the Middle East and China's stimulus measures have boosted investor confidence in the market.
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