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Bitcoin Why Is It Rising: The Price Has Exceeded $63K Again! - Coin Newsletter
The reason for the rise after the Bitcoin price performed 6.4% rise in the last 24 hours was a matter of curiosity.
Bitcoin has entered a recovery phase after a sharp correction to $56,500, recording a 6.4% increase in value in the last 24 hours. With the rise, the Bitcoin price exceeded 63 thousand dollars, while similar increases were observed in altcoins.
Ethereum again exceeded $3,100, BNB exceeded $580, and Solana (SOL) exceeded $140**.
Why is Bitcoin rising?
With the non-farm payroll data released yesterday in the USA, the Bitcoin price started to rise. Behind this were signals that the US Central Bank** could cut interest rates sooner, based on non-farm data.
On the other hand, Grayscale's spot Bitcoin ETF, GBTC**, saw an inflow of money for the first time since it started trading. During this period, the total amount of Bitcoin held in GBTC decreased from more than 600 thousand to about 290 thousand.
Yesterday, a $63 million investment in GBTC accelerated the rise in Bitcoin price.
According to data from CoinGecko, Bitcoin is trading at $62,950 at the time of writing.