{"id":812113,"date":"2024-12-12T23:16:03","date_gmt":"2024-12-13T05:16:03","guid":{"rendered":"https:\/\/newsycanuse.com\/index.php\/2024\/12\/12\/bitcoin-rises-3-as-sp-500s-hits-all-time-high\/"},"modified":"2024-12-12T23:16:03","modified_gmt":"2024-12-13T05:16:03","slug":"bitcoin-rises-3-as-sp-500s-hits-all-time-high","status":"publish","type":"post","link":"https:\/\/newsycanuse.com\/index.php\/2024\/12\/12\/bitcoin-rises-3-as-sp-500s-hits-all-time-high\/","title":{"rendered":"Bitcoin rises 3% as S&P 500\u2019s hits all-time high"},"content":{"rendered":"

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Home<\/a><\/span> \u00bb Bitcoin<\/a><\/span> \u00bb Bitcoin rises 3% as S&P 500\u2019s hits all-time high<\/span><\/span> <\/p>\n

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by<\/span><\/p>\n

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Estefano Gomez<\/a><\/p>\n<\/div><\/div>\n

\n Oct. 11, 2024 <\/time>\n <\/p>\n<\/p><\/div>\n<\/section>\n

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Bitcoins Bitcoin climbs to $62,400 as S&P 500 hits 5,819, with investors eyeing Fed decisions and inflation pressures.<\/h2>\n<\/section>\n
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Key Takeaways<\/h3>\n
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S&P 500 reaches all-time high as Bitcoin\u2019s 3% rise signals market optimism.<\/li>\n
The S&P 500’s potential 30% gain in 2024 would mark its highest annual increase since 1997.<\/li>\n<\/ul>\n<\/section>\n
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Bitcoin saw a notable increase of 3% today, reaching a price of $62,400. This upward momentum coincides with the S&P 500 reaching an all-time high of 5,819, currently trading at 5,809.\u00a0<\/p>\n
Bitcoin\u2019s rally comes at a time when traditional assets are seeing significant gains, with the S&P 500 achieving its strongest year-to-date performance in 24 years, up over 22%.\u00a0<\/p>\n
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In a recent post on X<\/u><\/a>, The Kobeissi Letter described the current stock market run as \u201cthe most resilient market in history.\u201d<\/em>\u00a0<\/p>\n<\/blockquote>\n
Over the past year, the S&P 500 has gained an impressive $13 trillion in market capitalization. If this momentum continues, the index is expected to achieve a 30% gain in 2024, which would be the largest annual increase since 1997.\u00a0<\/p>\n
Amid the broader bullish market sentiment, Bitcoin has regained ground after a brief dip following the release of the latest CPI numbers<\/u><\/a>. The asset recovered from a low of $59,000 to a high of $62,400, with its market capitalization surpassing $1.23 trillion.<\/p>\n
Analysts are closely monitoring key levels, with $63,900 as a potential breakout point and resistance around $65,000. However, a drop below $60,200 could signal another pullback for traders.<\/p>\n
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Today\u2019s Producer Price Index (PPI) data from the US, which exceeded expectations, signals rising inflationary pressures, adding weight to Bitcoin\u2019s appeal as a hedge asset. The PPI for September came in at 1.8%, above the expected 1.6%, reinforcing concerns that inflation remains a significant challenge for the Fed.\u00a0<\/p>\n
Despite inflation concerns, the Fed\u2019s 0.5% interest rate cut last month has given a boost to both equities and crypto. Investors are now closely watching the FedWatch Tool<\/u><\/a>, which shows an 88% probability of another rate cut by 25 basis points in November.\u00a0<\/p>\n
The S&P 500 continues to hit record highs, while Bitcoin has regained some ground, reflecting broader optimism. However, market observers remain cautious as potential volatility looms with future Fed decisions.<\/p>\n
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