{"id":542643,"date":"2023-07-14T07:55:08","date_gmt":"2023-07-14T07:55:08","guid":{"rendered":"https:\/\/uniquehot.com\/?p=542643"},"modified":"2024-06-11T14:38:40","modified_gmt":"2024-06-11T14:38:40","slug":"why-is-bitcoin-price-up-today-2","status":"publish","type":"post","link":"https:\/\/uniquehot.com\/news\/why-is-bitcoin-price-up-today-2\/","title":{"rendered":"Why Is Bitcoin Price Up Today?"},"content":{"rendered":"

The Bitcoin price tagged a new yearly high yesterday at $31,840, leaving market participants wondering about the driving forces behind this bullish momentum.<\/p>\n

The Power of Economic Indicators<\/h2>\n

One of the crucial factors contributing to Bitcoin’s upward trajectory was the release of the United States Producer Price Index (PPI) data. The latest figures revealed a significant slowdown in inflation, with PPI YoY dropping to 0.1% in June, surpassing expectations and marking the smallest pace since August 2020. Notably, the Core PPI YoY came in at 2.4%, slightly below the estimated 2.6%, reinforcing the notion of a diminishing inflationary environment.<\/p>\n

This decrease in PPI is seen as a positive sign for the Consumer Price Index (CPI), providing hope for a more stable economic landscape. Macro researcher Mortensen Bach emphasized<\/a> the significance of the PPI’s impact, stating, “PPI always leads CPI. Inflation is no longer a thing and input prices clearly indicate that! Deflation remains the primary risk going forward. This is what happens when you have a Federal Reserve who is blindly focused on backward-looking data!”<\/p>\n

\"PPI
PPI always leads CPI | Source: Twitter @MortensenBach<\/figcaption><\/figure>\n

Echoing these sentiments, macro analyst Ted added<\/a>, “PPI inflation leads CPI by a few months… and today’s PPI numbers have YoY running at +0.24%. Almost in deflation! Fed pivot anyone?”<\/p>\n

Related Reading: Perfect Storm: Why Bitcoin & Crypto Are Poised For A Dramatic Recovery<\/a><\/div>\n

Also worth noting is that, May PPI inflation was revised lower from 1.1% to 0.9%. May Core PPI inflation was revised lower from 2.8% to 2.6%. The drop and revision lower in Core PPI is what the US Federal Reserve wants to see.<\/p>\n

Inverse Correlation With The DXY<\/h2>\n

Another pivotal factor driving Bitcoin’s surge is the recent drop in the US Dollar Index (DXY) below 100.00, a level not seen in 15 months. This development has sparked renewed interest in risk assets like Bitcoin as a hedge against a weakening dollar.<\/p>\n

\"DXY\"
DXY drops below 100 | Source: DXY on TradingView.com<\/a><\/figcaption><\/figure>\n

The inverse correlation between the DXY and Bitcoin has historically played a significant role in the cryptocurrency’s price movements, and this recent drop in the DXY has acted as yet another bullish catalyst.<\/p>\n

Ripple’s Partial Victory<\/h2>\n

The ongoing legal battle between Ripple Labs and the US Securities and Exchange Commission (SEC) has probably provided another boost to Bitcoin’s price. Ripple’s partial victory in the case has generated optimism in the crypto community and can be seen as a net positive event for Coinbase, which is embroiled in its own legal dispute with the SEC.<\/p>\n

Related Reading: Fund Manager Vanguard Increases Stake In Bitcoin Mining Stocks To $600 Million<\/a><\/div>\n

Interestingly, Coinbase serves as the exchange partner for all U.S. Bitcoin spot Exchange-Traded Funds (ETFs) currently filed with the SEC. Recently, chair Gary Gensler’s comments on Coinbase’s involvement in ETF filings have raised concerns about the suitability of the exchange as a market surveillance sharing partner, as Bitcoinist reported<\/a>.<\/p>\n

Eric Balchunas, a Senior ETF analyst for Bloomberg, expressed his apprehension, suggesting that “SSA could be pointless if this is a problem for him.” With this in mind, the Ripple victory can also be seen as extremely positive news for the approval of a Bitcoin spot ETF, as Coinbase could benefit from the ruling in its case against the SEC.<\/p>\n

At press time, the BTC price retraced to $31,250, up 2.6% in the last 24 hours.<\/p>\n

\"Bitcoin
Bitcoin price, 4-hour chart | Source: BTCUSD on TradingView.com<\/a><\/figcaption><\/figure>\n
Featured image from iStock, chart from TradingView.com<\/div>\n","protected":false},"excerpt":{"rendered":"

The Bitcoin price tagged a new yearly high yesterday at $31,840, leaving market participants wondering about the driving forces behind this bullish momentum. The Power of Economic Indicators One of the crucial factors contributing to Bitcoin’s upward trajectory was the release of the United States Producer Price Index (PPI) data. The latest figures revealed a significant slowdown in inflation, with PPI YoY dropping to 0.1% in June, surpassing expectations and marking the smallest pace since August 2020. Notably, the Core PPI YoY came in at 2.4%, slightly below the estimated 2.6%, reinforcing the notion of a diminishing inflationary environment. This decrease in PPI is seen as a positive sign for the Consumer Price Index (CPI), providing hope for a more stable economic landscape. Macro researcher Mortensen Bach emphasized the significance of the PPI’s impact, stating, “PPI always leads CPI. Inflation is no longer a thing and input prices clearly indicate that! Deflation remains the primary risk going forward. This is what happens when you have a Federal Reserve who is blindly focused on backward-looking data!” Echoing these sentiments, macro analyst Ted added, “PPI inflation leads CPI by a few months… and today’s PPI numbers have YoY running at +0.24%. Almost in deflation! Fed pivot anyone?” Related Reading: Perfect Storm: Why Bitcoin & Crypto Are Poised For A Dramatic Recovery Also worth noting is that, May PPI inflation was revised lower from 1.1% to 0.9%. May Core PPI inflation was revised lower from 2.8% to 2.6%. The drop and revision lower in Core PPI is what the US Federal Reserve wants to see. Inverse Correlation With The DXY Another pivotal factor driving Bitcoin’s surge is the recent drop in the US Dollar Index (DXY) below 100.00, a level not seen in 15 months. This development has sparked renewed interest in risk assets like Bitcoin as a hedge against a weakening dollar. The inverse correlation between the DXY and Bitcoin has historically played a significant role in the cryptocurrency’s price movements, and this recent drop in the DXY has acted as yet another bullish catalyst. Ripple’s Partial Victory The ongoing legal battle between Ripple Labs and the US Securities and Exchange Commission (SEC) has probably provided another boost to Bitcoin’s price. Ripple’s partial victory in the case has generated optimism in the crypto community and can be seen as a net positive event for Coinbase, which is embroiled in its own legal dispute with the SEC. Related Reading: Fund Manager Vanguard Increases Stake In Bitcoin Mining Stocks To $600 Million Interestingly, Coinbase serves as the exchange partner for all U.S. Bitcoin spot Exchange-Traded Funds (ETFs) currently filed with the SEC. Recently, chair Gary Gensler’s comments on Coinbase’s involvement in ETF filings have raised concerns about the suitability of the exchange as a market surveillance sharing partner, as Bitcoinist reported. Eric Balchunas, a Senior ETF analyst for Bloomberg, expressed his apprehension, suggesting that “SSA could be pointless if this is a problem for him.” With this in mind, the Ripple victory can also be seen as extremely positive news for the approval of a Bitcoin spot ETF, as Coinbase could benefit from the ruling in its case against the SEC. At press time, the BTC price retraced to $31,250, up 2.6% in the last 24 hours. Featured image from iStock, chart from TradingView.com<\/p>\n","protected":false},"author":571,"featured_media":542644,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[3],"tags":[428,1119,1144,79522,1944,87658,3799],"class_list":["post-542643","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-news","tag-bitcoin","tag-btc","tag-btcusd","tag-dxy","tag-etf","tag-ppi","tag-sec"],"acf":[],"yoast_head":"\nWhy Is Bitcoin Price Up Today?<\/title>\n<meta name=\"description\" content=\"The Bitcoin price tagged a new yearly high yesterday at $31,840, leaving market participants wondering what's the driving force.\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" 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Through his extensive work with uniquehot.com and Bitcoinist.com, Jake has become a trusted voice in the crypto community, guiding newcomers and seasoned enthusiasts alike towards a deeper understanding of this dynamic field. His mission is simple yet profound: to demystify Bitcoin and cryptocurrencies and make them accessible to everyone. With a professional career in the Bitcoin and crypto scene that began right after graduating with a degree in Information Systems in 2017, Jake has immersed himself in the industry. Jake joined the NewsBTC Group in late 2022. His educational background provides him with the technical prowess and analytical skills necessary to dissect complex topics and present them in an understandable format. Whether you are a casual reader curious about Bitcoin or an investor seeking to navigate the latest market trends, Jake\u2019s insights offer valuable perspectives that bridge the gap between complex technology and everyday usage. Jake is not just a reporter on technological trends; he is a firm believer in the transformative potential of Bitcoin over traditional fiat currencies. To him, the current financial system is on the brink of chaos, propelled by unchecked government actions and flawed Keynesian economic policies. Drawing from the principles of the Austrian school of economics, Jake views Bitcoin not merely as a digital asset but as a crucial step towards rectifying a failing monetary system. His libertarian views reinforce his stance that just as the church was separated from the state, so too should money be freed from governmental control. For Jake, Bitcoin represents more than just an investment; it's a peaceful revolution. He envisions a future where Bitcoin fosters a sustainable and responsible financial framework for generations to come. His advocacy is not about opposition but about evolution, about laying the groundwork for a system that prioritizes transparency and equity over secrecy and inequality. As a journalist, Jake\u2019s articles are crafted with the precision of a scholar and the passion of a true believer. He provides not only news but also thoughtful analysis that connects the dots between daily developments and larger economic theories. His work is a beacon for those lost in the technical jargon often associated with crypto discussions, illuminating the practical implications and benefits of these technologies. In summary, Jake Simmons is not just reporting on a revolution; he wants to be part of it, fully committed to enhancing public understanding and adoption of Bitcoin and cryptocurrencies. His work is more than just a collection of articles; it\u2019s a resource, a guide, and a companion for anyone ready to explore the potential of this digital frontier. Whether you are taking your first steps into crypto or are a veteran looking to stay on top of the latest trends, Jake\u2019s insights provide clarity and foresight in an often unpredictable industry. Join him on this journey to reshape the world of finance, one post at a time. You can engage with his latest takes on Twitter: @realJakeSimmons.","sameAs":["https:\/\/x.com\/https:\/\/twitter.com\/realJakeSimmons"],"url":"https:\/\/uniquehot.com\/author\/marcusmisiak\/"}]}},"parsely":{"version":"1.1.0","meta":{"@context":"https:\/\/schema.org","@type":"NewsArticle","headline":"Why Is Bitcoin Price Up Today?","url":"http:\/\/uniquehot.com\/news\/why-is-bitcoin-price-up-today-2\/","mainEntityOfPage":{"@type":"WebPage","@id":"http:\/\/uniquehot.com\/news\/why-is-bitcoin-price-up-today-2\/"},"thumbnailUrl":"https:\/\/uniquehot.com\/wp-content\/uploads\/2023\/07\/iStock-1248674191.jpg?resize=200%2C200","image":{"@type":"ImageObject","url":"https:\/\/uniquehot.com\/wp-content\/uploads\/2023\/07\/iStock-1248674191.jpg?fit=2120%2C1415"},"articleSection":"Cryptocurrency Market News","author":[{"@type":"Person","name":"Jake Simmons"}],"creator":["Jake Simmons"],"publisher":{"@type":"Organization","name":"NewsBTC","logo":"https:\/\/uniquehot.com\/wp-content\/uploads\/2020\/06\/cropped-cropped-cropped-favicon.png?w=32"},"keywords":["bitcoin","btc","btcusd","dxy","etf","ppi","sec"],"dateCreated":"2023-07-14T07:55:08Z","datePublished":"2023-07-14T07:55:08Z","dateModified":"2024-06-11T14:38:40Z"},"rendered":"<script type=\"application\/ld+json\">{\"@context\":\"https:\\\/\\\/schema.org\",\"@type\":\"NewsArticle\",\"headline\":\"Why Is Bitcoin Price Up Today?\",\"url\":\"http:\\\/\\\/uniquehot.com\\\/news\\\/why-is-bitcoin-price-up-today-2\\\/\",\"mainEntityOfPage\":{\"@type\":\"WebPage\",\"@id\":\"http:\\\/\\\/uniquehot.com\\\/news\\\/why-is-bitcoin-price-up-today-2\\\/\"},\"thumbnailUrl\":\"https:\\\/\\\/uniquehot.com\\\/wp-content\\\/uploads\\\/2023\\\/07\\\/iStock-1248674191.jpg?resize=200%2C200\",\"image\":{\"@type\":\"ImageObject\",\"url\":\"https:\\\/\\\/uniquehot.com\\\/wp-content\\\/uploads\\\/2023\\\/07\\\/iStock-1248674191.jpg?fit=2120%2C1415\"},\"articleSection\":\"Cryptocurrency Market News\",\"author\":[{\"@type\":\"Person\",\"name\":\"Jake Simmons\"}],\"creator\":[\"Jake Simmons\"],\"publisher\":{\"@type\":\"Organization\",\"name\":\"NewsBTC\",\"logo\":\"https:\\\/\\\/uniquehot.com\\\/wp-content\\\/uploads\\\/2020\\\/06\\\/cropped-cropped-cropped-favicon.png?w=32\"},\"keywords\":[\"bitcoin\",\"btc\",\"btcusd\",\"dxy\",\"etf\",\"ppi\",\"sec\"],\"dateCreated\":\"2023-07-14T07:55:08Z\",\"datePublished\":\"2023-07-14T07:55:08Z\",\"dateModified\":\"2024-06-11T14:38:40Z\"}<\/script>","tracker_url":"https:\/\/cdn.parsely.com\/keys\/uniquehot.com\/p.js"},"jetpack_sharing_enabled":true,"jetpack_featured_media_url":"https:\/\/uniquehot.com\/wp-content\/uploads\/2023\/07\/iStock-1248674191.jpg?fit=2120%2C1415","amp_enabled":true,"_links":{"self":[{"href":"https:\/\/uniquehot.com\/wp-json\/wp\/v2\/posts\/542643"}],"collection":[{"href":"https:\/\/uniquehot.com\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/uniquehot.com\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/uniquehot.com\/wp-json\/wp\/v2\/users\/571"}],"replies":[{"embeddable":true,"href":"https:\/\/uniquehot.com\/wp-json\/wp\/v2\/comments?post=542643"}],"version-history":[{"count":0,"href":"https:\/\/uniquehot.com\/wp-json\/wp\/v2\/posts\/542643\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/uniquehot.com\/wp-json\/wp\/v2\/media\/542644"}],"wp:attachment":[{"href":"https:\/\/uniquehot.com\/wp-json\/wp\/v2\/media?parent=542643"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/uniquehot.com\/wp-json\/wp\/v2\/categories?post=542643"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/uniquehot.com\/wp-json\/wp\/v2\/tags?post=542643"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}