Bitget App
Trade smarter
Buy cryptoMarketsTradeFuturesCopyBotsEarn
The Reason Bitcoin’s Price Increased to $63,000 Today

The Reason Bitcoin’s Price Increased to $63,000 Today

CryptopotatoCryptopotato2024/10/11 16:00
By:Author: George Georgiev

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.

0

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.

PoolX: Locked for new tokens.
APR up to 10%. Always on, always get airdrop.
Lock now!

You may also like

Significant Bitcoin, Ethereum and Litecoin Move by US Giant Company

A major US company has announced that it will now accept various cryptocurrencies, including Bitcoin, from its customers.

Bitcoinsistemi2024/11/02 17:11

Analysis Company Makes Prediction for Bitcoin After the US Election: “Even If Donald Trump Wins…”

Cryptocurrency analysis company QCP Capital made a new future prediction for the Bitcoin price in its statement.

Bitcoinsistemi2024/11/02 17:11

What Will Happen to Sued Altcoins If SEC Chairman Changes After US Elections?

If Donald Trump becomes the US President and the SEC Chairman changes, what will be the future of the altcoins that have been sued?

Bitcoinsistemi2024/11/02 17:00

AAVE breaks above $140

Cointime2024/11/02 16:11