{"id":571982,"date":"2024-01-27T23:00:30","date_gmt":"2024-01-27T23:00:30","guid":{"rendered":"https:\/\/wncen.com\/?p=571982"},"modified":"2024-06-11T06:57:45","modified_gmt":"2024-06-11T06:57:45","slug":"drivers-bitcoin-price-42000","status":"publish","type":"post","link":"https:\/\/wncen.com\/news\/drivers-bitcoin-price-42000\/","title":{"rendered":"Here Are The Major Drivers Behind The Bitcoin Price Recovery Above $42,000"},"content":{"rendered":"

Bitcoin recently surged above $42,000, having <\/span>traded below $40,000<\/span><\/a> for several days. This market recovery is believed to be a result of different factors, including <\/span>recent revelations about the US economy<\/span><\/a>.\u00a0<\/span><\/p>\n

Macroeconomic Factors That Contributed To The Recent Bitcoin Surge<\/h2>\n

The personal income expenditures (PCE) price index, a <\/span>leading inflation indicator<\/span><\/a>, was released on January 26 and <\/span>reported<\/span><\/a> to have been lower than expectations. This suggests that inflation in the United States is cooling off, and experts predict that the Federal Reserve will likely reduce their aggressive monetary policies.\u00a0<\/span><\/p>\n

The Fed\u2019s hawkish stance is known to have a <\/span>negative effect on Bitcoin\u2019s price<\/span><\/a> and the broader crypto market. As such, this recent development is a positive one and is something that could have influenced investors to double down on their investments in the flagship cryptocurrency, thereby sparking a price surge.\u00a0<\/span><\/p>\n

Related Reading: Report Shows Polygon Users Rivaled Ethereum In 2023, But Why Has Price Failed To Clear $1?<\/a><\/div>\n

Meanwhile, <\/span>data<\/span><\/a> from the US Treasury recently showed that the country has hit an <\/span>all-time debt<\/span><\/a> of $34,1 trillion. While this has raised concerns about the looming crash of the US dollar, it has also presented Bitcoin and other cryptocurrencies <\/span>as a haven<\/span><\/a> to hedge against the potential devaluation of the nation\u2019s currency.\u00a0<\/span><\/p>\n

Interestingly, different financial analysts, including <\/span>renowned economist Peter Schiff<\/span><\/a>, have continued to predict the imminent crash of the US dollar. In light of this, <\/span>finance author Robert Kiyosaki <\/span><\/a>has urged everyone to invest in Bitcoin to avoid becoming poorer due to the government’s actions.\u00a0<\/span><\/p>\n

Another factor believed to have contributed to Bitcoin\u2019s recent surge is the expiration of monthly BTC options contracts on Deribit. The expiry outcome more than likely played a crucial role in Bitcoin\u2019s rally, considering that CryptoQuant CEO Ki Young Ju <\/span>had pinpointed<\/span><\/a> the derivatives market as responsible for Bitcoin\u2019s recent decline.\u00a0\u00a0<\/span><\/p>\n

\"Bitcoin<\/p>\n

BTC price jumps after downtrend | Source: BTCUSD on Tradingview.com<\/a><\/pre>\n
GBTC\u2019s Outflow Slows For The Fourth Consecutive Day<\/h2>\n
Grayscale\u2019s GBTC<\/span><\/a> saw<\/span><\/a> an outflow of just $255.1 million on January 26, continuing a recent trend of reduced outflows from the fund. NewsBTC <\/span>reported<\/span><\/a> how the Bitcoin ETF had seen outflows of $515 million, $429 million, and $394 million on January 23, 24, and 25, respectively.<\/span><\/p>\n
Related Reading: Ripple CTO Explains How AMM Feature Will Enable XRP Holders To Earn Passive Income<\/a><\/div>\n
As <\/span>noted<\/span><\/a> by <\/span>Bloomberg analyst James Seyffart<\/span><\/a>, January 26 also happened to be the lowest outflow day for GBTC since converting to a <\/span>Spot Bitcoin ETF<\/span><\/a>. This development suggests that the fund\u2019s investors may be cooling off on taking profits. It is also significant because <\/span>Grayscale <\/span><\/a>has contributed to the selling pressure that has plagued Bitcoin of late.\u00a0<\/span><\/p>\n
At the time of writing, Bitcoin is trading at around $41,700, up over 4% in the last 24 hours according to data from CoinMarketCap.<\/span><\/p>\n
Featured image from U.Today, chart from Tradingview.com<\/div>\n
\u00a0<\/span><\/p>\n","protected":false},"excerpt":{"rendered":"
Bitcoin recently surged above $42,000, having traded below $40,000 for several days. This market recovery is believed to be a result of different factors, including recent revelations about the US economy.\u00a0 Macroeconomic Factors That Contributed To The Recent Bitcoin Surge The personal income expenditures (PCE) price index, a leading inflation indicator, was released on January 26 and reported to have been lower than expectations. This suggests that inflation in the United States is cooling off, and experts predict that the Federal Reserve will likely reduce their aggressive monetary policies.\u00a0 The Fed\u2019s hawkish stance is known to have a negative effect on Bitcoin\u2019s price and the broader crypto market. As such, this recent development is a positive one and is something that could have influenced investors to double down on their investments in the flagship cryptocurrency, thereby sparking a price surge.\u00a0 Related Reading: Report Shows Polygon Users Rivaled Ethereum In 2023, But Why Has Price Failed To Clear $1? Meanwhile, data from the US Treasury recently showed that the country has hit an all-time debt of $34,1 trillion. While this has raised concerns about the looming crash of the US dollar, it has also presented Bitcoin and other cryptocurrencies as a haven to hedge against the potential devaluation of the nation\u2019s currency.\u00a0 Interestingly, different financial analysts, including renowned economist Peter Schiff, have continued to predict the imminent crash of the US dollar. In light of this, finance author Robert Kiyosaki has urged everyone to invest in Bitcoin to avoid becoming poorer due to the government’s actions.\u00a0 Another factor believed to have contributed to Bitcoin\u2019s recent surge is the expiration of monthly BTC options contracts on Deribit. The expiry outcome more than likely played a crucial role in Bitcoin\u2019s rally, considering that CryptoQuant CEO Ki Young Ju had pinpointed the derivatives market as responsible for Bitcoin\u2019s recent decline.\u00a0\u00a0 BTC price jumps after downtrend | Source: BTCUSD on Tradingview.com GBTC\u2019s Outflow Slows For The Fourth Consecutive Day Grayscale\u2019s GBTC saw an outflow of just $255.1 million on January 26, continuing a recent trend of reduced outflows from the fund. NewsBTC reported how the Bitcoin ETF had seen outflows of $515 million, $429 million, and $394 million on January 23, 24, and 25, respectively. Related Reading: Ripple CTO Explains How AMM Feature Will Enable XRP Holders To Earn Passive Income As noted by Bloomberg analyst James Seyffart, January 26 also happened to be the lowest outflow day for GBTC since converting to a Spot Bitcoin ETF. This development suggests that the fund\u2019s investors may be cooling off on taking profits. It is also significant because Grayscale has contributed to the selling pressure that has plagued Bitcoin of late.\u00a0 At the time of writing, Bitcoin is trading at around $41,700, up over 4% in the last 24 hours according to data from CoinMarketCap. Featured image from U.Today, chart from Tradingview.com \u00a0<\/p>\n","protected":false},"author":594,"featured_media":571984,"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":[428,656,679,6848,1119,89185,1144,78790],"class_list":["post-571982","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-news","tag-bitcoin","tag-bitcoin-news","tag-bitcoin-price","tag-bitcoin-price-prediction","tag-btc","tag-btc-news","tag-btcusd","tag-btcusdt"],"acf":[],"yoast_head":"\nHere Are The Major Drivers Behind The Bitcoin Price Recovery Above $42,000<\/title>\n<meta name=\"description\" content=\"Bitcoin recently surged above $42,000, having traded below $40,000 for several days, taking the crypto market by surprise.\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, 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During this time, Scott has been able to author countless influential pieces that have drawn in millions of readers and have shaped public opinion across various important topics. His repertoire spans hundreds of articles on various sectors in the crypto industry, including decentralized finance (DeFi), decentralized exchanges (DEXes), Staking, Liquid Staking, emerging technologies, and non-fungible tokens (NFTs), among others. Scott\u2019s influence is not just limited to the countless discussions that his publications have sparked but also as a consultant for major projects in the space. He has consulted on issues ranging from crypto regulations to new technology deployment. Scott\u2019s expertise also spans community building and contributes to a number of causes to further the development of the crypto industry. Scott is an advocate for sustainable practices within the crypto industry and has championed discussions around green blockchain solutions. His ability to keep in line with market trends has made his work a favorite among crypto investors. In his personal life, Scott is an avid traveler and his exposure to the world and various way of life has helped him to understand how important technologies like the blockchain and cryptocurrencies are. This has been key in his understanding of its global impact, as well as his ability to connect socio-economic developments to technological trends around the globe like no one else. Scott is known for his work in community education to help people understand crypto technology and how its existence impacts their lives. He is a well-respected figure in his community, known for his work in helping to enlighten and inspire the next generation as they channel their energies into pressing issues. His work is a testament to his dedication and commitment to education and innovation, as well as the promotion of ethical practices in the rapidly developing world of cryptocurrencies. Scott stands steady in the frontlines of the crypto revolution and is committed to helping to shape a future that promotes the development of technology in an ethical manner that translates to the benefit of all in the society.","sameAs":["https:\/\/x.com\/https:\/\/twitter.com\/MathersonScott"],"url":"https:\/\/wncen.com\/author\/mathersonscott1\/"}]}},"parsely":{"version":"1.1.0","meta":{"@context":"https:\/\/schema.org","@type":"NewsArticle","headline":"Here Are The Major Drivers Behind The Bitcoin Price Recovery Above $42,000","url":"http:\/\/wncen.com\/news\/drivers-bitcoin-price-42000\/","mainEntityOfPage":{"@type":"WebPage","@id":"http:\/\/wncen.com\/news\/drivers-bitcoin-price-42000\/"},"thumbnailUrl":"https:\/\/wncen.com\/wp-content\/uploads\/2024\/01\/Bitcoin-bull.jpeg?resize=200%2C168","image":{"@type":"ImageObject","url":"https:\/\/wncen.com\/wp-content\/uploads\/2024\/01\/Bitcoin-bull.jpeg?fit=300%2C168"},"articleSection":"Cryptocurrency Market News","author":[{"@type":"Person","name":"Scott Matherson"}],"creator":["Scott Matherson"],"publisher":{"@type":"Organization","name":"NewsBTC","logo":"https:\/\/wncen.com\/wp-content\/uploads\/2020\/06\/cropped-cropped-cropped-favicon.png?w=32"},"keywords":["bitcoin","bitcoin news","bitcoin price","bitcoin price prediction","btc","btc news","btcusd","btcusdt"],"dateCreated":"2024-01-27T23:00:30Z","datePublished":"2024-01-27T23:00:30Z","dateModified":"2024-06-11T06:57:45Z"},"rendered":"<script type=\"application\/ld+json\">{\"@context\":\"https:\\\/\\\/schema.org\",\"@type\":\"NewsArticle\",\"headline\":\"Here Are The Major Drivers Behind The Bitcoin Price Recovery Above $42,000\",\"url\":\"http:\\\/\\\/wncen.com\\\/news\\\/drivers-bitcoin-price-42000\\\/\",\"mainEntityOfPage\":{\"@type\":\"WebPage\",\"@id\":\"http:\\\/\\\/wncen.com\\\/news\\\/drivers-bitcoin-price-42000\\\/\"},\"thumbnailUrl\":\"https:\\\/\\\/wncen.com\\\/wp-content\\\/uploads\\\/2024\\\/01\\\/Bitcoin-bull.jpeg?resize=200%2C168\",\"image\":{\"@type\":\"ImageObject\",\"url\":\"https:\\\/\\\/wncen.com\\\/wp-content\\\/uploads\\\/2024\\\/01\\\/Bitcoin-bull.jpeg?fit=300%2C168\"},\"articleSection\":\"Cryptocurrency Market News\",\"author\":[{\"@type\":\"Person\",\"name\":\"Scott Matherson\"}],\"creator\":[\"Scott Matherson\"],\"publisher\":{\"@type\":\"Organization\",\"name\":\"NewsBTC\",\"logo\":\"https:\\\/\\\/wncen.com\\\/wp-content\\\/uploads\\\/2020\\\/06\\\/cropped-cropped-cropped-favicon.png?w=32\"},\"keywords\":[\"bitcoin\",\"bitcoin news\",\"bitcoin price\",\"bitcoin price prediction\",\"btc\",\"btc news\",\"btcusd\",\"btcusdt\"],\"dateCreated\":\"2024-01-27T23:00:30Z\",\"datePublished\":\"2024-01-27T23:00:30Z\",\"dateModified\":\"2024-06-11T06:57:45Z\"}<\/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\/2024\/01\/Bitcoin-bull.jpeg?fit=300%2C168","amp_enabled":true,"_links":{"self":[{"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/posts\/571982"}],"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\/594"}],"replies":[{"embeddable":true,"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/comments?post=571982"}],"version-history":[{"count":0,"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/posts\/571982\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/media\/571984"}],"wp:attachment":[{"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/media?parent=571982"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/categories?post=571982"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/tags?post=571982"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}