Bitcoin breaks $64,000 on US rate cut expectations, Kennedy's Trump endorsement ... [Virtual Asset News]

Korea Financial Times, Jeon HanSin] Bitcoin, the largest cryptocurrency (virtual asset) , has been rallying on expectations of a rate cut by the US Federal Reserve (Fed). It was also influenced by the US presidential election, where independent candidate Robert Kennedy Jr. endorsed former President Donald Trump, who is friendly to cryptocurrencies.

According to CoinMarketCap, a virtual asset information site, as of 6 p.m. on the 25th, the price of each bitcoin was trading at $64,014.27 (KRW 85.07 million), down 0.6% from 24 hours ago. This is more than 7% higher than a week ago. It is the first time since the 2nd that Bitcoin has crossed the $64,000 mark.

At the same time, on South Korean cryptocurrency exchange Upbit, Bitcoin was trading at KRW 85.544 million, down 0.26% from the previous day, and on Bithumb, it was down 0.17% to KRW 85.535 million. The “kimchi premium,” the difference between the price of bitcoin on local exchanges and the price of bitcoin on overseas exchanges, was 0.7%, according to cryptocurrency market comparison platform Cryprice.

The rising price of bitcoin comes after US Federal Reserve Chairman Jerome Powell hinted at a rate cut in September. “The time has come to adjust monetary policy,” Powell said in a keynote speech at the Economic Policy Symposium in Jackson Hole, Wyoming, on Aug. 23 (local time), adding, ”The (policy) direction is clear, and the timing and pace of the reduction will be determined by incoming data, the changing economic outlook, and the balance of risks.”

In addition, U.S. presidential candidate Kennedy announced his suspension of his campaign and endorsement of former President Trump in a press conference in Phoenix, Arizona on August 23, stating, “I no longer believe that I have a realistic path to electoral victory,” adding to the bullishness of Bitcoin.

In response, Dan Tapiero, founder of 10T Holdings, said, "Bitcoin will exceed $100,000 and Ethereum will exceed $5,000 over the next six months," adding, "In particular, the Fed's cut in benchmark interest rates will have a positive impact on Bitcoin prices."

Jeon HanSin (pocha@fntimes.com)