Since the Federal Reserve's significant interest rate cut in mid-September and China's launch of a series of economic stimulus plans, the price of Bitcoin has shown a strong upward trend, successfully breaking free from the previous downward trend. With Bitcoin surpassing the $65,000 mark, market sentiment is even more optimistic, with 10x Research predicting that its price will rapidly rise to $70,000 and may set a new all-time high in the short term.

Markus Thielen, founder of 10x Research, pointed out that the issuance of stablecoins by the Federal Reserve increased significantly after the July meeting. Although the Federal Reserve announced that the Interest Rate would remain unchanged at that time, it clearly hinted at the possibility of adopting a looser monetary policy in September. This expectation has driven activity in the stablecoin market, with the issuance of stablecoins approaching $10 billion in the following weeks, injecting a large amount of liquidity into the encryption currency market. This figure significantly exceeds the scale of inflows into spot ETFs, indicating a strong market reaction to the upcoming Favourable Information news.

Among them, Circle's USDC stablecoin is particularly noteworthy. USDC accounts for 40% of the total influx of stablecoins recently, far exceeding its usual market share. Markus Thielen believes that the surge in USDC minting may indicate a rebound in Decentralized Finance (DeFi) activities, which brings additional momentum to the entire cryptocurrency market.

Markus concluded that in Q4 2024, there is a strong possibility for the Bitcoin and encryption currency markets to experience a significant uptrend. The current market performance may only be the early stage of this wave. He warned that there may be a significant price surge in the future, triggering more investors' fear of missing out (FOMO) and further driving the market up.