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COINTURK NEWS > Bitcoin (BTC) > Why are Cryptocurrencies Rising Today? Here are 3 Details You Need to Know!
Bitcoin (BTC)

Why are Cryptocurrencies Rising Today? Here are 3 Details You Need to Know!

In Brief

  • The king of cryptocurrencies surpassed $27,400 today, and the fluctuation in Bitcoin price affected altcoins as well. It is usually in a downward trend before the Fed and runs in the opposite direction before the decision on Wednesday. So what was the reason behind today’s rise? What can investors expect?ContentsWhy Did Cryptocurrencies Rise?2024-2025 Cryptocurrency Bull […]
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COINTURK NEWS 2 years ago
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The king of cryptocurrencies surpassed $27,400 today, and the fluctuation in Bitcoin price affected altcoins as well. It is usually in a downward trend before the Fed and runs in the opposite direction before the decision on Wednesday. So what was the reason behind today’s rise? What can investors expect?

Contents
Why Did Cryptocurrencies Rise?2024-2025 Cryptocurrency Bull

Why Did Cryptocurrencies Rise?

Today’s increase in Bitcoin price came after the strong defense of the $26,000 region by the bulls. Many experts were talking about the possibility of a movement above $26,400 leading to a move above $27,200. It will now be necessary for the price to sustain above $27,800.

According to the Consumer Price Index (CPI) report announced on September 13, inflation increased by 3.7% in August, which was higher than the previous month’s 3.5%. However, the important point here was the positive trend in the core CPI, which measures all items excluding food and energy. The potential for inflation to reach the Federal Reserve’s 2% target is creating expectations of a halt in interest rate hikes at the Federal Open Market Committee (FOMC) meeting on September 20. Indeed, this week, according to FedWatch, it is dominant that the announcement of an interest rate ceiling will be made from the November 1 meeting onwards.

2024-2025 Cryptocurrency Bull

If the four-year cycles continue to repeat themselves, we will need to see a new ATH period for BTC in the next 2 years in the markets. Each bull season had its own story, and it is hoped that the next period will be fueled by institutional influx.

The hope grew even more after U.S. Court of Appeals Judge Neomi Rao stood alongside Grayscale Bitcoin Trust (GBTC) in the case she filed against the SEC on August 29. The increased institutional interest in Bitcoin from companies such as BlackRock and Fidelity Investments caused the June rally, but it is expected to have even greater long-term results.

There are dozens of reasons for the rise, such as ongoing ETF applications by trillion-dollar giants and the possibility of GBTC turning into a Spot Bitcoin ETF in the early stages. Similarly, there can be dozens of reasons for the price to drop to $20,000 from this stage. MtGox sales, SilkRoad BTC, the possibility of deepening the Binance case, increasing regulatory pressure, and many more.

Finally, since September 4, the supply of BTC on exchanges has decreased by around 40,000.

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Disclaimer: The information contained in this article does not constitute investment advice. Investors should be aware that cryptocurrencies carry high volatility and therefore risk, and should conduct their own research.

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COINTURK NEWS 18 September, 2023 - 6:45 pm 18 September, 2023 - 6:45 pm
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1 Comment
  • Hammed says:
    18 September, 2023 - 6:59 pm at 6:59 pm

    That sound great

    Reply

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