Bitcoin’s current 20% surge over the previous three weeks has reinvigorated bullish sentiments amongst merchants, in keeping with knowledge from Santiment.
This sentiment shift marks essentially the most optimistic outlook on Bitcoin (BTC) since March 2023, with the time period “Bitcoin” being mentioned extra favorably on social media than at any level within the final 16 months.
Santiment’s weighted sentiment index, which gauges the ratio of optimistic to damaging feedback on X, has soared to a 16-month excessive. The value rally has seen Bitcoin surpass the $67,000 mark, reflecting a 6.22% improve since July 25, per knowledge from crypto.information.
Bitcoin’s value touched $69,404 on July 28, its highest since June 12, though it’s at present buying and selling round $67,770.
This bullish flip follows cooler-than-expected inflation knowledge, suggesting potential a number of rate of interest cuts by the U.S. Federal Reserve this 12 months.
The main cryptocurrency has climbed over 23% from its native backside of $53,550 on July 5, spurred by sturdy dip-buying from Bitcoin ETF traders.
These merchandise have continued their spectacular streak, with recent inflows of $534 million within the final week. Notably, BlackRock’s Bitcoin ETF has virtually crossed the $20 billion mark in belongings beneath administration.
Including to the optimistic sentiment, U.S. Senator Cynthia Lummis has launched an in depth plan for a nationwide strategic Bitcoin reserve.
The announcement, made on July 27 in the course of the Bitcoin 2024 convention in Nashville, got here amid rising pro-crypto sentiment. Lummis introduced the Bitcoin reserve laws instantly after President Donald Trump delivered a keynote on the occasion. Trump expressed sturdy assist for the crypto business throughout his speech, asserting the Bitcoin reserve towards the top. Trump’s total endorsement and Lummis’ coverage proposal have additional buoyed the market’s optimistic outlook.
In additional doubtlessly bullish information from Washington, yesterday, reviews surfaced that Vice President Kamala Harris’ marketing campaign workforce had reached out to high U.S. crypto firms in an effort to “reset relations.”
The confluence of Bitcoin’s value rally, strategic legislative proposals, and high-profile endorsements spotlight a burgeoning bullish part for the cryptocurrency market, setting the stage for potential vital developments within the close to future.
