Stephen Alpher is CoinDesk's managing editor for Markets. He holds BTC above CoinDesk’s disclosure threshold of $1,000.
Following what is now looking like a final washout plunge in the opening days of September that brought the price down to the $53,000 area, bitcoin has mostly been in rally mode since and finally took out the $70,000 level minutes ago.A fresh rate-cutting cycle from the major Western central banks combined with sizable monetary and fiscal stimulus out of China may or may not be the key catalysts for this latest bull move. Also possibly at play are renewed big inflows into the U.S.
5, a Federal Reserve rate decision on Nov. 6 and the U.S. October employment report on Nov. 8.This latest move higher brings bitcoin's year-to-date gain to about 65%. Gold and the S&P 500, both of which have been regularly notching new record highs over the past weeks, are ahead 32% and 24%, respectively.. CoinDesk has adopted a set of principles aimed at ensuring the integrity, editorial independence and freedom from bias of its publications.
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