Bitcoin once again broke through $10,000, and the Fed’s interest rate cut is only one of the benefits.

According to the data, the largest value-added cryptocurrency bitcoin in the evening of July 31st in Beijing exceeded $10,000.

Since Bitcoin fell below $10,000 on July 27, it has been struggling around $9,500. Although buying at lower prices has not kept below the key support of $9,000, weaker days and multiple short-term bearish signals have already had an impact on market sentiment.

The industry believes that several important events this week will have a significant impact on the price of Bitcoin.

The NYAG, which was held in New York on Monday, accused Bitfinex and Tether of the hearing of the end of the delay, and the Senate Banking Committee's hearing on cryptocurrency and blockchain regulation on Tuesday did not have any substantive results. These two hearings also did not have a material impact on the cryptocurrency market.

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Therefore, the industry is particularly concerned about the possible rate cut decision of the Fed today. eToro analyst Simon Peters told CCN that the current increase in bitcoin is only a small market change. He said that the decision to cut interest rates that the Fed may make today will be an important test for Bitcoin, because this is the first time that Bitcoin has experienced a Fed rate cut since its existence. He said, "If you cut interest rates, it is expected that bitcoin will rise; otherwise it will fall."

However, other analysts have expressed disapproval of this. Today, the rise in bitcoin prices may be affected by many factors.

In addition, the cryptographic assets guide launched by UK regulators and the first physical settlement of bitcoin futures by LedgerX are also good news in the encryption market.

In the Encrypted Assets Regulatory Guide issued by the Financial Conduct Authority (FCA), real cryptocurrencies such as Bitcoin and Ethereum are classified as “transaction tokens” by the FCA. Although they apply to anti-money laundering rules, they are not regulated. . Securitization tokens are classified as “specific investments” and are therefore subject to FCA regulation.

Bitcoin derivatives provider LedgerX's physical settlement of bitcoin futures contracts will target individual and institutional investors, opening the door to investing in Bitcoin to all US investors who meet the rules of understanding customers (KYC).

In addition, geopolitical followers have turned their attention to Shanghai, and any progress in the resumption of Sino-US trade negotiations will also affect the price of the cryptocurrency market.

By Liang CHE

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