From Investing.com: 2024-06-05 11:00:25

Bitcoin surged past $71,000, marking five days of gains, fueled by global market optimism and expectations of Federal Reserve rate cuts. The current streak is the longest in three months, with BTC just 3.73% below its record high of $73,750. Market traders anticipate a rate reduction in November amidst easing U.S. inflation.

After hitting a low of $69,024, Bitcoin rebounded, surpassing $71,000 and reaching highs of $71,375. Optimism around Bitcoin ETFs and progress on a cryptocurrency regulatory framework in Washington boosted confidence. A 30-day correlation between Bitcoin and the tech stock index suggests further advances in tech stocks could benefit Bitcoin.

Read more at Investing.com: Key Reasons Why Bitcoin (BTC) Topped $71,000: Details By U.Today