The Reason Bitcoin’s Price Increased to $63,000 Today
Here are two possible reasons behind Bitcoin’s most recent surge.
Bitcoin’s price exploded above $63,000 today, reaching a local high at around $63,400. Even though it has since retraced to where it currently trades at $62,700, this is still a considerable increase of 4% for the past 24 hours.
It’s also important to note that Bitcoin has managed to outperform the rest of the leading cryptocurrencies, which are charting marginal gains.
So, what are the reasons for this recovery? What could be driving the BTC price up in the past couple of days?
Well, reason number one might as well be the fact that Mt. Gox has pushed its repayment deadline to October 31st, 2025. Previously, this deadline was October 31st, 2024. According to the official notice :
As it is desirable to make the Repayments to such rehabilitation creditors to the extent reasonably practicable, the Rehabilitation Trustee, with the permission of the court, has changed the deadline for the Repayments from October 31, 2024 (Japan Standard Time) to October 31, 2025 (Japan Standard Time).
This is noteworthy because it alleviates the immediate selling pressure on BTC.
Another reason could be that China has officially unveiled a fiscal stimulus package that’s aimed at reviving the economy. The package targets low-income households while also supporting property markets and replenishing state banks’ capital.
Although officially announced a few hours ago, this was a much-anticipated development that the markets have been waiting for during the past few days.
Disclaimer: The content of this article solely reflects the author's opinion and does not represent the platform in any capacity. This article is not intended to serve as a reference for making investment decisions.
You may also like
State Street Advisor Highlights Bitcoin’s Threat to Gold’s Stability
BREAKING: MicroStrategy Buys 55,500 BTC Worth $5.4 Billion
Sony is supposedly working on a handheld PlayStation console to support PS5 games
Share link:In this post: A Bloomberg report suggested that Sony is working on a handheld PlayStation console that will support PS5 games. The report suggested the possibility of the device being years away from launch. Nintendo is currently the only console with a handheld device and will launch its successor next year, while Microsoft is also working on its handheld console.
UK plans to integrate crypto with traditional finance
Share link:In this post: The UK government is pushing for the integration of traditional finance and crypto assets. Bank of England and the Financial Conduct Authority launched the Digital Securities Sandbox. A Digital Assets Bill was also added to the UK Parliament.