Geopolitical happenings and economic headlines still seem to move the needle on Bitcoin’s price. The US Federal Reserve is expected to cut rates later this year. Interest rates tend to be lower, which tends to lead to more risk assets such as bitcoin being invested in. Trade tensions and new tariffs have made Bitcoin appealing as a haven.
Earlier this year, the US government executive ordered the establishment of a strategic Bitcoin reserve. This official backing has given many investors renewed faith in Bitcoin’s prospects. It had a hand in driving prices up by demonstrating that Bitcoin is earning respect from national governments.
There were even a handful of old 2011-era Bitcoin wallets that came back to life. Two such wallets, each containing 20,000 BTC, exchanged coins for the first time in 14 years. These wallets haven’t sold anything yet, but their activity has garnered notice and sparked rumors that long-term holders may be coming back online and selling. In another instance, 80,000 BTC traveled from super ancient wallets connected to Bitcoin’s infancy. This news didn’t panic, but it did add to market drama.