Bitcoin Surges Past $116K Mark Prior to October 29 FOMC Summit

Key Points

• Bitcoin begins the week with bullish moves ahead of key events that could impact the crypto industry’s future.
• The general crypto market is up by nearly 4%, with a market cap exceeding $3.92 trillion.

Bitcoin’s Bullish Performance

Bitcoin kicked off the week on a high note, anticipating significant events that could potentially influence the future direction of the crypto industry. On October 29, the US will host the next FOMC meeting, while a day later, US President Donald Trump will convene with China’s President, Xi Jinping, in South Korea.

On October 27, the overall crypto market was on the rise, increasing by nearly 4% in the past 24 hours. This surge has resulted in a market cap of over $3.92 trillion.

Bitcoin’s Price Reclaiming $116,000

Earlier in the day, the price of Bitcoin reclaimed $116,000 amidst a generally optimistic crypto market. At the time of writing this piece, Bitcoin was trading above $115,000, marking a 3.5% increase in the past 24 hours.

Bitcoin’s price surge can be attributed to various factors. These include rising adoption, continued institutional interest, crypto-friendly policies in the US, Trump’s recent pardon of CZ, and an overall positive outlook for the future.

On October 20, Michael Saylor hinted at further Bitcoin acquisitions by Strategy via a post on X. Additionally, US-based BTC ETFs continued to see inflows, recording over $90 million in inflows on October 24, as indicated by SoSoValue data.

Upcoming Key Events

This week is crucial for Bitcoin and the overall crypto industry, with two key events on the horizon. The first is the FOMC meeting scheduled for October 29. During this event, the US Fed is expected to make a decision regarding potential interest rate cuts and a QT decision. Current data from CME Group indicates a 96.7% probability for new rate cuts.

Historically, such interest rate cuts have fueled a rally for Bitcoin and the overall market.

The second key event is the meeting between Trump and Xi Jinping, set for October 30. The BBC reported that the US and China have agreed to discuss the framework of a potential trade deal during this meeting in South Korea.

According to recent reports, US Treasury Secretary Scott Bessent told BBC’s US news partner CBS that he does not anticipate the 100% tariff on Chinese goods previously threatened by Trump to be enforced.

If relations between the US and China improve and the trade war between the two world’s largest economies de-escalates, it could bode well for the markets, including crypto.

There are several reasons to remain optimistic about Bitcoin and the broader cryptocurrency market.