Bitcoin price increased by more than 5% in the last 24 hours, what’s the cause?

At press time, Bitcoin price is trading around $ 14,448, up above 5% over the past 24 hours. The reason is said to stem from the recent presidential election when the votes are on Joe Biden. However, perhaps one of the reasons also comes from the fact that the Bank of England has kept interest rates steady as the UK entered a new phase of national lock-in measures expected to help an economic recovery of the country.


BTC/USD 4-hour chart | Source: TradingView

Monetary Policy Committee of the Bank of England (MPC) has kept the main lending rate at 0.1%

Along with maintaining the main lending rate at 0.1%, the Monetary Policy Committee of the Bank of England (MPC) also voted to expand the target of buying UK government bonds to £ 895 billion. Brother.

Last month, the BOE asked British banks about their preparation for negative rates, revealing in September that they are exploring the possibility of bringing rates below zero if necessary.

Since the outbreak of COVID-19 in March, the Bank has twice cut interest rates from 0.75% to 0.1% and launched a program to buy bonds worth £ 745 billion ( $ 965.1 billion).

The UK economy grew 2.1% in August, according to data released by the Office of National Statistics last month, after an unprecedented 19.8% decline in the second quarter during its peak period. of nationwide door lock measures.

On the world market, early this morning (November 5), the USD exchange rate dropped as the market waited for the US presidential election result after the initial results showed two candidates Donald Trump and Joe Biden competed fiercely for the number of votes, surprising the majority of investors who had predicted a victory for Democratic Joe Biden.

The US Dollar Index (DXY) measures the movements of the greenback with a basket of six major currencies (EUR, JPY, GBP, CAD, SEK, CHF) down 0.12% to 93,445 points. Euro to USD exchange rate increased by 0.11% to 1.1734. The Pound-to-USD exchange rate fell 0.15% to 1.2967 while USD-JPY dropped 0.04% to 104.44.

Meanwhile, world oil prices rose 4% on November 4th due to a sharp drop in US reserves. At the end of November 4, WTI oil price increased by $ 1.49 (4%) to $ 39.15/barrel, while Brent oil price in the North Sea increased by 1.52 USD (3.8%) to $ 41.23/ barrel.

World gold prices fell on November 4 as investors bet on the possibility that Democrats could not take control of the Senate in the US election, which shattered expectations of a package pass. Great economic stimulus in the world’s number one economy.
Specifically, the spot gold price decreased by 0.7% to $ 1,896.02/ounce while the US gold price for futures decreased by 0.7% to $ 1,896.20/ounce.

You can see the Bitcoin price here.

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