According to a recent report by 10X Research, Bitcoin is poised to reach new highs, fueled by significant market changes. Following the Federal Reserve’s decision to cut interest rates in mid-September and China’s new stimulus plan, Bitcoin has broken free from its previous downward trend. As it recently surpassed the $65,000 mark, 10X Research predicts a rapid ascent to $70,000, with a potential new all-time high on the horizon.
Markus Thielen, founder of 10X Research, highlighted a notable surge in stablecoin minting after the Fed’s July meeting. During that meeting, the Fed announced it would maintain current interest rates but suggested a possible easing of policy in September. This led to stablecoin minting volumes soaring to nearly $10 billion, injecting much-needed liquidity into the crypto market—outpacing spot ETF flows significantly. Remarkably, Circle’s USDC accounted for 40% of these recent stablecoin inflows, indicating a spike in DeFi activity.
Thielen concluded that the odds of a substantial market rally in Q4 are extremely high. He believes we may be in the early stages of a significant price surge, which could ignite further FOMO (Fear of Missing Out) across the cryptocurrency landscape. Investors should keep a close eye on these developments as the market heats up!
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