Why is Bitcoin Rising? BTC Surpasses $63K Mark Again!

• Bitcoin has seen a 6.4% increase in value over the last 24 hours, sparking curiosity about the cause of this surge.
• After a sharp correction down to $56,500, Bitcoin has entered a recovery phase, recording a 6.4% increase in value over the last 24 hours.
• With this surge, Bitcoin’s price has exceeded $63,000, while similar increases have been observed in altcoins.

Bitcoin’s recent surge in value has sparked interest among investors, with the cryptocurrency recording a 6.4% increase over the last 24 hours.

Why is Bitcoin Rising?

The rise in Bitcoin’s price began after the non-farm employment data released in the US yesterday came in below expectations. This was based on signals that the US Federal Reserve may make interest rate cuts sooner based on non-farm data.

Grayscale’s Spot Bitcoin ETF GBTC

On the other hand, Grayscale’s spot Bitcoin ETF GBTC saw inflows for the first time since it began trading. During this period, the total amount of Bitcoin held in GBTC had fallen from over 600,000 to about 290,000. Yesterday, a $63 million investment was made in GBTC, which also accelerated the rise in Bitcoin’s price. According to CoinGecko data, Bitcoin is trading at $62,950 at the time of writing.

Conclusion

Bitcoin’s recent surge in value can be attributed to a combination of factors, including below-expectation non-farm employment data in the US and a significant investment in Grayscale’s spot Bitcoin ETF GBTC. As the cryptocurrency market continues to evolve, investors will be closely watching these and other developments.