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Bitcoin Surges to $66,000: Here’s Why BTC is on the Rise Today

Wow! The last 24 hours have been incredible for Bitcoin (BTC) as its price has skyrocketed to $66,000, marking a fantastic 7% surge in just one day. This surge in value is driven by a variety of macroeconomic factors, including the most recent US inflation data.

Exciting Rise in Bitcoin Price Amid Falling US Core Inflation

Recently released US Consumer Price Index (CPI) data indicates a decrease in core inflation to a 3-year low of 3.4%. This drop has prompted a flurry of activity in the Bitcoin market, with major global banks showing a keen interest. The connection between lower inflation rates and increased investments in digital assets suggests that investors may view Bitcoin as a safe haven in times of economic uncertainty.

The positive inflation data also hints at potential upcoming reductions in US interest rates. While the Federal Reserve is taking a cautious approach of “wait-and-see,” the latest figures could hasten their decision-making process. However, there are lingering concerns about the rapid decline in inflation, which could limit the extent of rate cuts for the remainder of this year.

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Major Banks Drive BTC’s Price Surge with ETF Enthusiasm

The surge in Bitcoin’s price is further fueled by a growing interest from institutional investors, especially in Bitcoin ETFs. Recent SEC filings have revealed that leading banks like JPMorgan and Wells Fargo, as well as international giants such as UBS and Bank of Montreal, have made significant investments in Bitcoin ETFs. These disclosures have played a crucial role in boosting Bitcoin’s overall market value.

Adding to the market’s momentum are investments from entities like the State of Wisconsin Investment Board, which recently poured $99 million into BlackRock’s Spot Bitcoin ETF. This influx of institutional capital not only validates Bitcoin’s attractiveness as an investment but also strengthens its credibility and stability as an asset class.

The ETF market is abuzz with excitement as more institutions are expected to join in. The recent appointment of Salim Ramji, former head of global ETFs at BlackRock, as the CEO of Vanguard, is particularly noteworthy. Vanguard, previously against spot Bitcoin ETFs, may reconsider its stance under Ramji’s leadership, potentially drawing more institutional interest.

This potential shift could sustain Bitcoin’s upward trajectory as more institutional investors incorporate it into their portfolios. The ongoing developments in the ETF sector, coupled with macroeconomic factors, offer a solid foundation for understanding Bitcoin’s recent surge and its continued growth.

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The post Bitcoin Price Surge to $66,000: Why BTC is Up Today? appeared first on CoinGape.


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