Featured image from iStock, chart from TradingView.com<\/div>\n","protected":false},"excerpt":{"rendered":"
The Bitcoin price has risen as high as $38,012 (on Binance), recording a marginally higher high. Here are the main reasons for the latest surge in BTC price. #1 Euphoria Over Potential ETF Approvals The crypto market has been electrified by the possibility of the US Securities and Exchange Commission (SEC) approving several spot Bitcoin ETFs. With the approval window having opened on November 9 until Friday (November 17), experts like James Seyffart and Eric Balchunas from Bloomberg estimate a 90% chance of approval for multiple filings by January 10, 2024, the final deadline for Ark Invest\u2019s filing. Remarkably, the SEC is facing a significant deadline cluster, with three applications for spot ETFs from Franklin Templeton and Hashdex (due November 17), and GlobalX (due November 21) awaiting decisions. Amidst this tense backdrop, Hashdex emerged as the first to encounter a delay, as the SEC postponed their decision on the conversion from a futures ETF to an ETF that holds both futures and spot. Related Reading: Bitcoin Bearish Signal: Exchange Inflows Hit $1.2 Billion In Past Month This news momentarily jolted the market, resulting in a sharp but brief decline in BTC’s price, which plummeted from $37,400 to $36,780 in a swift five-minute span. However, the market’s resilience was quickly demonstrated as Bitcoin not only recovered but exceeded its pre-announcement price within 25 minutes. #2 Unprecedented Institutional Interest In Bitcoin Institutional demand for Bitcoin has reached new heights, particularly through exchange-traded products (ETPs). The recent BlackRock Bitcoin spot ETF filing significantly contributed to this surge. “The Assets Under Management via ETPs have increased by 27,095 BTC, bringing the total to a record 204,170 BTC, equivalent to roughly 7.4 billion dollars,” reports K33 research. This trend indicates a growing institutional embrace of Bitcoin as a viable investment asset. Related Reading: Bitcoin Macro Index Enters \u2018Expansion\u2019, Echoing 400% Bull Run #3 Supply And Demand Dynamics Data from LookIntoBitcoin highlights a remarkable trend: over 70% of Bitcoin has not been moved for at least one year. “This is a historic moment that underscores the strength of Bitcoin’s tokenomics,” the data provider shared. They further elaborated, “As long as this HODL Wave continues to climb, it suggests a bullish market outlook with long-term investors showing no signs of selling their holdings. This is particularly significant considering the upcoming Bitcoin Halving event and the growing institutional interest.” #4 Liquidity Injections By The Fed Arthur Hayes, co-founder of BitMEX, commented on the significant liquidity being injected into the market and its impact on cryptocurrencies. “Keep your eye on the prize. Almost $200 billion in liquidity has been added since November’s start, impacting assets like Bitcoin. This indicates a potential ongoing rise for cryptocurrencies,” Hayes stated. He emphasizes the importance of understanding the RRP and TGA dynamics in predicting market movements. #5 Inverse Correlation With The DXY The inverse correlation between Bitcoin and the U.S. Dollar Index (DXY) has been a notable factor in Bitcoin’s recent price increase. As the DXY faced resistance and began to fall, Bitcoin’s value conversely increased. Crypto analyst Josh stated, “Bitcoin PUMPS while the DXY DUMPS!” At press time, BTC traded at $37,467 after failing to break out of the ascending trend channel. Featured image from iStock, chart from TradingView.com<\/p>\n","protected":false},"author":571,"featured_media":560933,"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":[428,679,1119,1144,89689],"class_list":["post-560932","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-news","tag-bitcoin","tag-bitcoin-price","tag-btc","tag-btcusd","tag-why-is-bitcoin-up-today"],"acf":[],"yoast_head":"\n
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Through his extensive work with wncen.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:\/\/wncen.com\/author\/marcusmisiak\/"}]}},"parsely":{"version":"1.1.0","meta":{"@context":"https:\/\/schema.org","@type":"NewsArticle","headline":"Bitcoin Price Soars To $38,000: 5 Major Reasons","url":"http:\/\/wncen.com\/news\/bitcoin-price-soars-38000-5-reasons\/","mainEntityOfPage":{"@type":"WebPage","@id":"http:\/\/wncen.com\/news\/bitcoin-price-soars-38000-5-reasons\/"},"thumbnailUrl":"https:\/\/wncen.com\/wp-content\/uploads\/2023\/11\/iStock-1367994454-1.jpg?resize=200%2C200","image":{"@type":"ImageObject","url":"https:\/\/wncen.com\/wp-content\/uploads\/2023\/11\/iStock-1367994454-1.jpg?fit=1254%2C836"},"articleSection":"Cryptocurrency Market News","author":[{"@type":"Person","name":"Jake Simmons"}],"creator":["Jake Simmons"],"publisher":{"@type":"Organization","name":"NewsBTC","logo":"https:\/\/wncen.com\/wp-content\/uploads\/2020\/06\/cropped-cropped-cropped-favicon.png?w=32"},"keywords":["bitcoin","bitcoin price","btc","btcusd","why is bitcoin up today"],"dateCreated":"2023-11-16T08:20:22Z","datePublished":"2023-11-16T08:20:22Z","dateModified":"2024-06-11T14:31:12Z"},"rendered":"<script type=\"application\/ld+json\">{\"@context\":\"https:\\\/\\\/schema.org\",\"@type\":\"NewsArticle\",\"headline\":\"Bitcoin Price Soars To $38,000: 5 Major Reasons\",\"url\":\"http:\\\/\\\/wncen.com\\\/news\\\/bitcoin-price-soars-38000-5-reasons\\\/\",\"mainEntityOfPage\":{\"@type\":\"WebPage\",\"@id\":\"http:\\\/\\\/wncen.com\\\/news\\\/bitcoin-price-soars-38000-5-reasons\\\/\"},\"thumbnailUrl\":\"https:\\\/\\\/wncen.com\\\/wp-content\\\/uploads\\\/2023\\\/11\\\/iStock-1367994454-1.jpg?resize=200%2C200\",\"image\":{\"@type\":\"ImageObject\",\"url\":\"https:\\\/\\\/wncen.com\\\/wp-content\\\/uploads\\\/2023\\\/11\\\/iStock-1367994454-1.jpg?fit=1254%2C836\"},\"articleSection\":\"Cryptocurrency Market News\",\"author\":[{\"@type\":\"Person\",\"name\":\"Jake Simmons\"}],\"creator\":[\"Jake Simmons\"],\"publisher\":{\"@type\":\"Organization\",\"name\":\"NewsBTC\",\"logo\":\"https:\\\/\\\/wncen.com\\\/wp-content\\\/uploads\\\/2020\\\/06\\\/cropped-cropped-cropped-favicon.png?w=32\"},\"keywords\":[\"bitcoin\",\"bitcoin price\",\"btc\",\"btcusd\",\"why is bitcoin up today\"],\"dateCreated\":\"2023-11-16T08:20:22Z\",\"datePublished\":\"2023-11-16T08:20:22Z\",\"dateModified\":\"2024-06-11T14:31:12Z\"}<\/script>","tracker_url":"https:\/\/cdn.parsely.com\/keys\/wncen.com\/p.js"},"jetpack_sharing_enabled":true,"jetpack_featured_media_url":"https:\/\/wncen.com\/wp-content\/uploads\/2023\/11\/iStock-1367994454-1.jpg?fit=1254%2C836","amp_enabled":true,"_links":{"self":[{"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/posts\/560932"}],"collection":[{"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/users\/571"}],"replies":[{"embeddable":true,"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/comments?post=560932"}],"version-history":[{"count":0,"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/posts\/560932\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/media\/560933"}],"wp:attachment":[{"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/media?parent=560932"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/categories?post=560932"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/tags?post=560932"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}![\"Bitcoin](\"https:\/\/wncen.com\/wp-content\/uploads\/2023\/11\/F-5wIpmWIAA9sAf.png?resize=2421%2C973\")
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