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>>Bitcoin price has recovered to over $123,000, boosted by a surge in mining activity, while VanEck predicts a potential rise to $644,000, influenced by the performance of gold.

Bitcoin price has recovered to over $123,000, boosted by a surge in mining activity, while VanEck predicts a potential rise to $644,000, influenced by the performance of gold.

crypthub

5 days ago

Bitcoin and Altcoin Performance

Bitcoin's price rebounded, reaching nearly $124,000 after a previous dip, with a 1.5% increase in the last 24 hours. Altcoins also experienced gains, though they haven’t fully recovered previous highs. Crypto-related stocks, particularly BTC miners, saw significant increases driven by optimism surrounding AI-driven computing power demand. Cipher Mining and Bitfarms led the gains among those stocks.

Federal Reserve and Inflation Concerns

Minutes from the September Federal Reserve meeting indicated anticipation of interest rate cuts later this year. However, some policymakers questioned the necessity of such cuts and highlighted potential risks of increased inflation. These discussions contributed to market fluctuations affecting both crypto and traditional assets.

Gold's Dominance and Safe Haven Status

Gold continues to surge, exceeding $4,000 and demonstrating a 50% increase this year, benefiting from rising government deficits and anticipation of looser monetary policy. Japanese bond yields reaching 17-year highs have further fueled gold’s appeal as a safe haven asset. Analysts suggest Bitcoin could benefit once gold's rally cools.

Bitcoin's Long-Term Potential

Analysts predict Bitcoin could eventually capture a substantial portion of gold’s market value, potentially reaching a price of $644,000 per BTC. This projection centers on Bitcoin’s role as "digital gold" appealing to younger generations seeking a store of value. This long-term view positions Bitcoin as a potential beneficiary following a peak in gold’s performance.