At the same time, Bitcoin (BTC) is again targeting the $65,000 level, which it has not touched since the first week of August. The speech that Federal Reserve Chairman Jerome Powell will give today is considered as a development that may have an impact on the direction of the markets.

According to information from Singapore-based QCP Capital, market participants will follow Powell’s speech carefully. At the FOMC press conference held last week, signals were given indicating that the market had the potential for further easing.

However, Powell did not share any concrete information about monetary policy or the economic outlook. Recent interest rate cuts have caused risky assets, especially Bitcoin, to rise. Traders rate the odds of an additional 50 basis point rate cut in November at 62%, according to the CME FedWatch Tool.

Gold continued its upward trend in recent days and reached record levels again with an increase of approximately 1%. China is reportedly considering a $142 billion capital injection into its banking system and is also working on other incentive measures.

The Shanghai Composite Index increased by 3.6% under the influence of these developments, thus entering its best week in a decade. U.S. stock index futures are also trading up about 1%.

Bitcoin’s popularity is rapidly growing among both retail and institutional investors. According to SoSoValue data, daily net inflows into BTC ETFs attracted attention by exceeding $100 million for the second consecutive day. This marks five days of positive net flows for BTC funds.

While retail investors’ interest in Bitcoin is also increasing, it has been observed that they have accumulated 35,000 BTC in the last 30 days. This reveals the increasing confidence and participation of smaller investors in the Bitcoin market.

Additionally, it is thought that new options approved on Blackrock’s Bitcoin Trust (IBIT) could accelerate the appreciation of BTC. “Option approval will increase liquidity and investor participation in the Bitcoin market, which will be an important step towards broader institutional adoption,” said onchain analysis firm CryptoQuant.

Additionally, Bitcoin options on CME recorded a new open interest reaching almost half a billion dollars on March 12, 2024. This means almost five times its maximum level in 2023.

The rise in Asian markets paves the way for the rise of crypto currencies. Bitcoin’s targeting of the $65,000 level and increasing investor interest shows that the markets may become more active.

In this context, Jerome Powell’s speech and the effects of China’s incentive package are being closely watched in the cryptocurrency and financial markets.