BTC Touches $66K As International Tensions Continue To Escalate

Bitcoin (BTC) responded positively to the recent US inflation report, rising above $66,500 for the first time in nearly two months before experiencing a slight pullback. In addition, several altcoins have seen significant gains recently, particularly within the meme coin sector.

Shiba Inu has stood out, gaining another 6% in the last 24 hours and nearing $0.000022 earlier today for the first time in over three months, marking a 42% rise for the week. PEPE has also made notable gains, climbing 6.5% since yesterday and 36% since last Saturday. Other meme coins like WIF, BONK, and FLOKI have also recorded significant increases.

BTC Hits $66.5K

The week began strongly for Bitcoin, which had already gained momentum following the US Federal Reserve deciding to finally cut interest rates on September 18th. The cryptocurrency was valued at $63,000 over the weekend and surpassed $64,500 on Monday.

However, it struggled to hold its ground initially, dipping again as bears took charge on Thursday, driving the price down to $62,700 (on Bitstamp). Despite this, the bullish trend resumed, culminating in a surge last night that pushed the asset to $66,500, a level not seen since August 1st, fueled by favorable inflation news.

While Bitcoin has since lost some momentum and is now just below $66,000, its market capitalization remains above $1.3 trillion on CoinGecko, with its dominance over altcoins slightly increasing to 53.8%. On the larger-cap altcoin front, Ripple and Toncoin are both showing positive daily movements, alongside BNB, ETH, DOGE, and TRX, albeit to a lesser extent.

Other Markets

In a bold move, Israel seized an opportunity to eliminate Hezbollah leader Hassan Nasrallah, escalating tensions in the region. This assassination has garnered support by the United States, with President Biden openly backing Israel. Meanwhile, the Australian Foreign Minister, Penny Wong, has called for an immediate cease-fire in Lebanon, highlighting growing international concern.

As both Israel and Hezbollah edge closer to an all-out conflict, economic factors also come into play. Federal Reserve Chair Jerome Powell recently held a press conference following a key rate decision, indicating that upcoming employment data will shed light on what kind of monetary policy the central bank decides upon. The September jobs report is expected to reflect a strong, yet moderating, labor market.

On another front, high-risk real estate bonds are outpacing returns from tech giants like Nvidia, while China has made a substantial pledge to address its ongoing property crisis. The global landscape remains volatile as these interconnected issues unfold.