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Bitcoin reached a new all-time high of $76,200 according to CoinGecko data, surpassing its previous record of $73,777, before settling at $76.943. Google search interest for Bitcoin stands at 21 out of 100, considerably lower than during the March 2021 bull market when interest peaked at 100 as Bitcoin reached $69,000 in November 2021.
China’s proposed $1.4 trillion fiscal stimulus package, which includes 6 trillion yuan for local debt relief and 4 trillion yuan for land and property purchases, is expected to be approved in early November. The stimulus could increase global liquidity and risk appetite.
The US election has emerged as a significant factor in the crypto market. Trump’s reelection probability has increased to 97% according to Polymarket data, with his pro-crypto stance viewed favorably by Bitcoin investors. Market expectations for the November 7 Federal Reserve meeting indicate a 97% probability of a 25 basis point rate cut, according to the FedWatch tool. Reduced tensions in the Middle East and China’s anticipated stimulus measures have strengthened investor confidence in the market.
