{"id":611504,"date":"2024-06-05T07:20:34","date_gmt":"2024-06-05T07:20:34","guid":{"rendered":"https:\/\/wncen.com\/?p=611504"},"modified":"2024-06-11T06:52:10","modified_gmt":"2024-06-11T06:52:10","slug":"bitcoin-price-soars-past-71000-heres-why","status":"publish","type":"post","link":"https:\/\/wncen.com\/news\/bitcoin-price-soars-past-71000-heres-why\/","title":{"rendered":"Bitcoin Price Soars Past $71,000: Here’s Why"},"content":{"rendered":"

Bitcoin has surged 2.9% in the last 24 hours, reaching a high of $71,166 on Binance today, marking the highest price since May 21. This rally appears to be primarily fueled by robust inflows into US spot Bitcoin ETFs, with the sector experiencing its 16th consecutive day of net inflows.<\/p>\n

Why Is The Bitcoin Price Up Today?<\/h2>\n

Yesterday alone, these ETFs saw an inflow of $886.6 million, with Fidelity leading at $378.7 million\u2014setting a new record for the fund. BlackRock<\/a> wasn’t far behind, with substantial inflows totaling $274.4 million. Other significant contributions included Ark with $138.7 million, Bitwise at $61 million, and the Grayscale Bitcoin and VanEck Bitcoin Trust recording $28.2 million and $4 million respectively.<\/p>\n

\n

Good morning fellow hodlers,<\/p>\n

We had an absolute insane day of inflows yesterday with $886.6 million of inflows (that’s ~12 500 BTC)<\/p>\n

Fidelity did $378.7 million, Blackrock did $274.4 million, Ark did $138.7 million and Bitwise 61 million.<\/p>\n

Even $GBTC<\/a> had inflows worth of $28.2\u2026 pic.twitter.com\/KaDdmTrq9p<\/a><\/p>\n

\u2014 WhalePanda (@WhalePanda) June 5, 2024<\/a><\/p><\/blockquote>\n

The sustained interest is further evidenced as BlackRock’s iShares Bitcoin ETF surpassed $20 billion in assets, becoming the fastest ETF to reach this milestone, reflecting significant momentum and investor enthusiasm.<\/p>\n

Related Reading: Best Long-Term Bitcoin Buy Signal Flashes, Hedge Fund CEO Warns<\/a><\/div>\n

Eric Balchunas, a Bloomberg ETF analyst, emphasized the scale of these inflows, stating<\/a>, \u201cFidelity not messing around, big-time flows all around today for The Ten, nearly $1b in total. Second best day ever, since Mid-March. $3.3b in past 4wks, net YTD at $15b (which was top end of our 12mo est). The ‘third wave’ is turning into a tidal wave.\u201d<\/p>\n

Despite the positive inflow dynamics, Byzantine General (@ByzGeneral), a prominent crypto analyst, observed that the price surge could have been more pronounced. He highlighted the presence of substantial passive supply<\/a> on spot exchanges, which might have tempered the price increase.<\/p>\n

Related Reading: Bitcoin \u2018Zombies\u2019 Awaken: Dormant Coins Move For First Time In Years, What\u2019s Going On?<\/a><\/div>\n

He noted yesterday, \u201cHigh volume today, and the perps basis actually went down a bit. I think that we got good ETF flows today, but… They’re buying into a lot of passive supply on spot exchanges.\u201d He further commented today, \u201cWhat did I say, big ETF inflows. But because of all of the passive supply it’s like an unstoppable force colliding with an immovable object.\u201d<\/p>\n

\"Bitcoin
BTC volume delta and cumulative volume delta | Source: X @ByzGeneral<\/a><\/figcaption><\/figure>\n

Moreover, it’s important to note that the price increase was not driven by the liquidation of short positions<\/a> in the BTC futures market, which saw only $27.58 million in shorts liquidated in the last 24 hours, according to Coinglass data.<\/p>\n

However, Willy Woo, a renowned on-chain analyst, warned that a continued rise could trigger a significant short squeeze. Woo said<\/a> via X, \u201cTapping 72k is the fuse that’s set to start a liquidation cascade. $1.5b of short positions ready to be liquidated all the way up to $75k and a new all time high.\u201d<\/p>\n

\"Bitcoin
Bitcoin Liquidation Heatmap | Source: X @woonomic<\/figcaption><\/figure>\n

At press time, BTC traded at $71,075.<\/p>\n

\"Bitcoin
Bitcoin price surpasses $71,000, 1-day chart | Source: BTCUSD on TradingView.com<\/a><\/figcaption><\/figure>\n
Featured image created with DALL\u00b7E, chart from TradingView.com<\/div>\n","protected":false},"excerpt":{"rendered":"

Bitcoin has surged 2.9% in the last 24 hours, reaching a high of $71,166 on Binance today, marking the highest price since May 21. This rally appears to be primarily fueled by robust inflows into US spot Bitcoin ETFs, with the sector experiencing its 16th consecutive day of net inflows. Why Is The Bitcoin Price Up Today? Yesterday alone, these ETFs saw an inflow of $886.6 million, with Fidelity leading at $378.7 million\u2014setting a new record for the fund. BlackRock wasn’t far behind, with substantial inflows totaling $274.4 million. Other significant contributions included Ark with $138.7 million, Bitwise at $61 million, and the Grayscale Bitcoin and VanEck Bitcoin Trust recording $28.2 million and $4 million respectively. Good morning fellow hodlers, We had an absolute insane day of inflows yesterday with $886.6 million of inflows (that’s ~12 500 BTC) Fidelity did $378.7 million, Blackrock did $274.4 million, Ark did $138.7 million and Bitwise 61 million. Even $GBTC had inflows worth of $28.2\u2026 pic.twitter.com\/KaDdmTrq9p \u2014 WhalePanda (@WhalePanda) June 5, 2024 The sustained interest is further evidenced as BlackRock’s iShares Bitcoin ETF surpassed $20 billion in assets, becoming the fastest ETF to reach this milestone, reflecting significant momentum and investor enthusiasm. Related Reading: Best Long-Term Bitcoin Buy Signal Flashes, Hedge Fund CEO Warns Eric Balchunas, a Bloomberg ETF analyst, emphasized the scale of these inflows, stating, \u201cFidelity not messing around, big-time flows all around today for The Ten, nearly $1b in total. Second best day ever, since Mid-March. $3.3b in past 4wks, net YTD at $15b (which was top end of our 12mo est). The ‘third wave’ is turning into a tidal wave.\u201d Despite the positive inflow dynamics, Byzantine General (@ByzGeneral), a prominent crypto analyst, observed that the price surge could have been more pronounced. He highlighted the presence of substantial passive supply on spot exchanges, which might have tempered the price increase. Related Reading: Bitcoin \u2018Zombies\u2019 Awaken: Dormant Coins Move For First Time In Years, What\u2019s Going On? He noted yesterday, \u201cHigh volume today, and the perps basis actually went down a bit. I think that we got good ETF flows today, but… They’re buying into a lot of passive supply on spot exchanges.\u201d He further commented today, \u201cWhat did I say, big ETF inflows. But because of all of the passive supply it’s like an unstoppable force colliding with an immovable object.\u201d Moreover, it’s important to note that the price increase was not driven by the liquidation of short positions in the BTC futures market, which saw only $27.58 million in shorts liquidated in the last 24 hours, according to Coinglass data. However, Willy Woo, a renowned on-chain analyst, warned that a continued rise could trigger a significant short squeeze. Woo said via X, \u201cTapping 72k is the fuse that’s set to start a liquidation cascade. $1.5b of short positions ready to be liquidated all the way up to $75k and a new all time high.\u201d At press time, BTC traded at $71,075. Featured image created with DALL\u00b7E, chart from TradingView.com<\/p>\n","protected":false},"author":571,"featured_media":611510,"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":[428,656,679,1119,1122,91901,89689],"class_list":["post-611504","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-news","tag-bitcoin","tag-bitcoin-news","tag-bitcoin-price","tag-btc","tag-btc-price","tag-why-is-bitcoin-price-up-today","tag-why-is-bitcoin-up-today"],"acf":[],"yoast_head":"\nBitcoin Price Soars Past $71,000: Here's Why<\/title>\n<meta name=\"description\" content=\"Bitcoin has surged 2.9% in the last 24 hours, reaching a high of $71,166 on Binance today, marking the highest price since May 21. Here's why!\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/wncen.com\/news\/bitcoin-price-soars-past-71000-heres-why\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Bitcoin Price Soars Past $71,000: Here's Why\" \/>\n<meta property=\"og:description\" content=\"Bitcoin has surged 2.9% in the last 24 hours, reaching a high of $71,166 on Binance today, marking the highest price since May 21. Here's why!\" \/>\n<meta property=\"og:url\" content=\"https:\/\/wncen.com\/news\/bitcoin-price-soars-past-71000-heres-why\/\" \/>\n<meta property=\"og:site_name\" content=\"NewsBTC\" \/>\n<meta property=\"article:publisher\" content=\"https:\/\/www.facebook.com\/newsbtc\" \/>\n<meta property=\"article:published_time\" content=\"2024-06-05T07:20:34+00:00\" \/>\n<meta property=\"article:modified_time\" content=\"2024-06-11T06:52:10+00:00\" \/>\n<meta name=\"author\" content=\"Jake Simmons\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:image\" content=\"https:\/\/wncen.com\/wp-content\/uploads\/2024\/06\/DALL\u00b7E-2024-06-05-08.52.43-A-realistic-depiction-of-a-Bitcoin-with-a-green-upward-trending-chart-arrow-in-the-background-symbolizing-financial-growth.-The-Bitcoin-should-be-hig.png?fit=1792%2C1024\" \/>\n<meta name=\"twitter:creator\" content=\"@https:\/\/twitter.com\/realJakeSimmons\" \/>\n<meta name=\"twitter:site\" content=\"@newsbtc\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"Jake Simmons\" \/>\n\t<meta name=\"twitter:label2\" content=\"Est. reading time\" \/>\n\t<meta name=\"twitter:data2\" content=\"3 minutes\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\/\/schema.org\",\"@graph\":[{\"@type\":\"NewsArticle\",\"@id\":\"https:\/\/wncen.com\/news\/bitcoin-price-soars-past-71000-heres-why\/#article\",\"isPartOf\":{\"@id\":\"https:\/\/wncen.com\/news\/bitcoin-price-soars-past-71000-heres-why\/\"},\"author\":{\"name\":\"Jake Simmons\",\"@id\":\"https:\/\/wncen.com\/#\/schema\/person\/d4fcdbfaec61dd668092ba3f4d318028\"},\"headline\":\"Bitcoin Price Soars Past $71,000: Here’s Why\",\"datePublished\":\"2024-06-05T07:20:34+00:00\",\"dateModified\":\"2024-06-11T06:52:10+00:00\",\"mainEntityOfPage\":{\"@id\":\"https:\/\/wncen.com\/news\/bitcoin-price-soars-past-71000-heres-why\/\"},\"wordCount\":543,\"publisher\":{\"@id\":\"https:\/\/wncen.com\/#organization\"},\"image\":{\"@id\":\"https:\/\/wncen.com\/news\/bitcoin-price-soars-past-71000-heres-why\/#primaryimage\"},\"thumbnailUrl\":\"https:\/\/wncen.com\/wp-content\/uploads\/2024\/06\/DALL\u00b7E-2024-06-05-08.52.43-A-realistic-depiction-of-a-Bitcoin-with-a-green-upward-trending-chart-arrow-in-the-background-symbolizing-financial-growth.-The-Bitcoin-should-be-hig.png?fit=1792%2C1024\",\"keywords\":[\"bitcoin\",\"Bitcoin news\",\"bitcoin price\",\"btc\",\"btc price\",\"Why Is Bitcoin Price Up Today\",\"Why Is Bitcoin Up Today\"],\"articleSection\":[\"Cryptocurrency Market News\"],\"inLanguage\":\"en-US\",\"copyrightYear\":\"2024\",\"copyrightHolder\":{\"@id\":\"https:\/\/wncen.com\/#organization\"}},{\"@type\":\"WebPage\",\"@id\":\"https:\/\/wncen.com\/news\/bitcoin-price-soars-past-71000-heres-why\/\",\"url\":\"https:\/\/wncen.com\/news\/bitcoin-price-soars-past-71000-heres-why\/\",\"name\":\"Bitcoin Price Soars Past $71,000: Here's Why\",\"isPartOf\":{\"@id\":\"https:\/\/wncen.com\/#website\"},\"primaryImageOfPage\":{\"@id\":\"https:\/\/wncen.com\/news\/bitcoin-price-soars-past-71000-heres-why\/#primaryimage\"},\"image\":{\"@id\":\"https:\/\/wncen.com\/news\/bitcoin-price-soars-past-71000-heres-why\/#primaryimage\"},\"thumbnailUrl\":\"https:\/\/wncen.com\/wp-content\/uploads\/2024\/06\/DALL\u00b7E-2024-06-05-08.52.43-A-realistic-depiction-of-a-Bitcoin-with-a-green-upward-trending-chart-arrow-in-the-background-symbolizing-financial-growth.-The-Bitcoin-should-be-hig.png?fit=1792%2C1024\",\"datePublished\":\"2024-06-05T07:20:34+00:00\",\"dateModified\":\"2024-06-11T06:52:10+00:00\",\"description\":\"Bitcoin has surged 2.9% in the last 24 hours, reaching a high of $71,166 on Binance today, marking the highest price since May 21. Here's why!\",\"breadcrumb\":{\"@id\":\"https:\/\/wncen.com\/news\/bitcoin-price-soars-past-71000-heres-why\/#breadcrumb\"},\"inLanguage\":\"en-US\",\"potentialAction\":[{\"@type\":\"ReadAction\",\"target\":[\"https:\/\/wncen.com\/news\/bitcoin-price-soars-past-71000-heres-why\/\"]}]},{\"@type\":\"ImageObject\",\"inLanguage\":\"en-US\",\"@id\":\"https:\/\/wncen.com\/news\/bitcoin-price-soars-past-71000-heres-why\/#primaryimage\",\"url\":\"https:\/\/wncen.com\/wp-content\/uploads\/2024\/06\/DALL\u00b7E-2024-06-05-08.52.43-A-realistic-depiction-of-a-Bitcoin-with-a-green-upward-trending-chart-arrow-in-the-background-symbolizing-financial-growth.-The-Bitcoin-should-be-hig.png?fit=1792%2C1024\",\"contentUrl\":\"https:\/\/wncen.com\/wp-content\/uploads\/2024\/06\/DALL\u00b7E-2024-06-05-08.52.43-A-realistic-depiction-of-a-Bitcoin-with-a-green-upward-trending-chart-arrow-in-the-background-symbolizing-financial-growth.-The-Bitcoin-should-be-hig.png?fit=1792%2C1024\",\"width\":1792,\"height\":1024,\"caption\":\"Why is Bitcoin price up today\"},{\"@type\":\"BreadcrumbList\",\"@id\":\"https:\/\/wncen.com\/news\/bitcoin-price-soars-past-71000-heres-why\/#breadcrumb\",\"itemListElement\":[{\"@type\":\"ListItem\",\"position\":1,\"name\":\"Home\",\"item\":\"https:\/\/wncen.com\/\"},{\"@type\":\"ListItem\",\"position\":2,\"name\":\"Bitcoin Price Soars Past $71,000: Here’s Why\"}]},{\"@type\":\"WebSite\",\"@id\":\"https:\/\/wncen.com\/#website\",\"url\":\"https:\/\/wncen.com\/\",\"name\":\"NewsBTC\",\"description\":\"Bitcoin & Cryptocurrency News Today\",\"publisher\":{\"@id\":\"https:\/\/wncen.com\/#organization\"},\"potentialAction\":[{\"@type\":\"SearchAction\",\"target\":{\"@type\":\"EntryPoint\",\"urlTemplate\":\"https:\/\/wncen.com\/?s={search_term_string}\"},\"query-input\":{\"@type\":\"PropertyValueSpecification\",\"valueRequired\":true,\"valueName\":\"search_term_string\"}}],\"inLanguage\":\"en-US\"},{\"@type\":\"Organization\",\"@id\":\"https:\/\/wncen.com\/#organization\",\"name\":\"NewsBTC\",\"url\":\"https:\/\/wncen.com\/\",\"logo\":{\"@type\":\"ImageObject\",\"inLanguage\":\"en-US\",\"@id\":\"https:\/\/wncen.com\/#\/schema\/logo\/image\/\",\"url\":\"https:\/\/wncen.com\/wp-content\/uploads\/2020\/06\/logo-min.png?fit=157%2C46\",\"contentUrl\":\"https:\/\/wncen.com\/wp-content\/uploads\/2020\/06\/logo-min.png?fit=157%2C46\",\"width\":157,\"height\":46,\"caption\":\"NewsBTC\"},\"image\":{\"@id\":\"https:\/\/wncen.com\/#\/schema\/logo\/image\/\"},\"sameAs\":[\"https:\/\/www.facebook.com\/newsbtc\",\"https:\/\/x.com\/newsbtc\",\"https:\/\/www.youtube.com\/channel\/UC9v9erBEru5y4c3FA0wehEw\"]},{\"@type\":\"Person\",\"@id\":\"https:\/\/wncen.com\/#\/schema\/person\/d4fcdbfaec61dd668092ba3f4d318028\",\"name\":\"Jake Simmons\",\"image\":{\"@type\":\"ImageObject\",\"inLanguage\":\"en-US\",\"@id\":\"https:\/\/wncen.com\/#\/schema\/person\/image\/\",\"url\":\"https:\/\/secure.gravatar.com\/avatar\/b1c6e6bccf4fbe757cbc0396eeac0abf?s=96&d=mm&r=g\",\"contentUrl\":\"https:\/\/secure.gravatar.com\/avatar\/b1c6e6bccf4fbe757cbc0396eeac0abf?s=96&d=mm&r=g\",\"caption\":\"Jake Simmons\"},\"description\":\"Jake Simmons, a dedicated crypto journalist, has been passionate about Bitcoin since 2016 when he first learned about it. 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\/\"}]}<\/script>\n","yoast_head_json":{"title":"Bitcoin Price Soars Past $71,000: Here's Why","description":"Bitcoin has surged 2.9% in the last 24 hours, reaching a high of $71,166 on Binance today, marking the highest price since May 21. Here's why!","robots":{"index":"index","follow":"follow","max-snippet":"max-snippet:-1","max-image-preview":"max-image-preview:large","max-video-preview":"max-video-preview:-1"},"canonical":"https:\/\/wncen.com\/news\/bitcoin-price-soars-past-71000-heres-why\/","og_locale":"en_US","og_type":"article","og_title":"Bitcoin Price Soars Past $71,000: Here's Why","og_description":"Bitcoin has surged 2.9% in the last 24 hours, reaching a high of $71,166 on Binance today, marking the highest price since May 21. Here's why!","og_url":"https:\/\/wncen.com\/news\/bitcoin-price-soars-past-71000-heres-why\/","og_site_name":"NewsBTC","article_publisher":"https:\/\/www.facebook.com\/newsbtc","article_published_time":"2024-06-05T07:20:34+00:00","article_modified_time":"2024-06-11T06:52:10+00:00","author":"Jake Simmons","twitter_card":"summary_large_image","twitter_image":"https:\/\/wncen.com\/wp-content\/uploads\/2024\/06\/DALL\u00b7E-2024-06-05-08.52.43-A-realistic-depiction-of-a-Bitcoin-with-a-green-upward-trending-chart-arrow-in-the-background-symbolizing-financial-growth.-The-Bitcoin-should-be-hig.png?fit=1792%2C1024","twitter_creator":"@https:\/\/twitter.com\/realJakeSimmons","twitter_site":"@newsbtc","twitter_misc":{"Written by":"Jake Simmons","Est. reading time":"3 minutes"},"schema":{"@context":"https:\/\/schema.org","@graph":[{"@type":"NewsArticle","@id":"https:\/\/wncen.com\/news\/bitcoin-price-soars-past-71000-heres-why\/#article","isPartOf":{"@id":"https:\/\/wncen.com\/news\/bitcoin-price-soars-past-71000-heres-why\/"},"author":{"name":"Jake Simmons","@id":"https:\/\/wncen.com\/#\/schema\/person\/d4fcdbfaec61dd668092ba3f4d318028"},"headline":"Bitcoin Price Soars Past $71,000: Here’s Why","datePublished":"2024-06-05T07:20:34+00:00","dateModified":"2024-06-11T06:52:10+00:00","mainEntityOfPage":{"@id":"https:\/\/wncen.com\/news\/bitcoin-price-soars-past-71000-heres-why\/"},"wordCount":543,"publisher":{"@id":"https:\/\/wncen.com\/#organization"},"image":{"@id":"https:\/\/wncen.com\/news\/bitcoin-price-soars-past-71000-heres-why\/#primaryimage"},"thumbnailUrl":"https:\/\/wncen.com\/wp-content\/uploads\/2024\/06\/DALL\u00b7E-2024-06-05-08.52.43-A-realistic-depiction-of-a-Bitcoin-with-a-green-upward-trending-chart-arrow-in-the-background-symbolizing-financial-growth.-The-Bitcoin-should-be-hig.png?fit=1792%2C1024","keywords":["bitcoin","Bitcoin news","bitcoin price","btc","btc price","Why Is Bitcoin Price Up Today","Why Is Bitcoin Up Today"],"articleSection":["Cryptocurrency Market News"],"inLanguage":"en-US","copyrightYear":"2024","copyrightHolder":{"@id":"https:\/\/wncen.com\/#organization"}},{"@type":"WebPage","@id":"https:\/\/wncen.com\/news\/bitcoin-price-soars-past-71000-heres-why\/","url":"https:\/\/wncen.com\/news\/bitcoin-price-soars-past-71000-heres-why\/","name":"Bitcoin Price Soars Past $71,000: Here's Why","isPartOf":{"@id":"https:\/\/wncen.com\/#website"},"primaryImageOfPage":{"@id":"https:\/\/wncen.com\/news\/bitcoin-price-soars-past-71000-heres-why\/#primaryimage"},"image":{"@id":"https:\/\/wncen.com\/news\/bitcoin-price-soars-past-71000-heres-why\/#primaryimage"},"thumbnailUrl":"https:\/\/wncen.com\/wp-content\/uploads\/2024\/06\/DALL\u00b7E-2024-06-05-08.52.43-A-realistic-depiction-of-a-Bitcoin-with-a-green-upward-trending-chart-arrow-in-the-background-symbolizing-financial-growth.-The-Bitcoin-should-be-hig.png?fit=1792%2C1024","datePublished":"2024-06-05T07:20:34+00:00","dateModified":"2024-06-11T06:52:10+00:00","description":"Bitcoin has surged 2.9% in the last 24 hours, reaching a high of $71,166 on Binance today, marking the highest price since May 21. Here's why!","breadcrumb":{"@id":"https:\/\/wncen.com\/news\/bitcoin-price-soars-past-71000-heres-why\/#breadcrumb"},"inLanguage":"en-US","potentialAction":[{"@type":"ReadAction","target":["https:\/\/wncen.com\/news\/bitcoin-price-soars-past-71000-heres-why\/"]}]},{"@type":"ImageObject","inLanguage":"en-US","@id":"https:\/\/wncen.com\/news\/bitcoin-price-soars-past-71000-heres-why\/#primaryimage","url":"https:\/\/wncen.com\/wp-content\/uploads\/2024\/06\/DALL\u00b7E-2024-06-05-08.52.43-A-realistic-depiction-of-a-Bitcoin-with-a-green-upward-trending-chart-arrow-in-the-background-symbolizing-financial-growth.-The-Bitcoin-should-be-hig.png?fit=1792%2C1024","contentUrl":"https:\/\/wncen.com\/wp-content\/uploads\/2024\/06\/DALL\u00b7E-2024-06-05-08.52.43-A-realistic-depiction-of-a-Bitcoin-with-a-green-upward-trending-chart-arrow-in-the-background-symbolizing-financial-growth.-The-Bitcoin-should-be-hig.png?fit=1792%2C1024","width":1792,"height":1024,"caption":"Why is Bitcoin price up today"},{"@type":"BreadcrumbList","@id":"https:\/\/wncen.com\/news\/bitcoin-price-soars-past-71000-heres-why\/#breadcrumb","itemListElement":[{"@type":"ListItem","position":1,"name":"Home","item":"https:\/\/wncen.com\/"},{"@type":"ListItem","position":2,"name":"Bitcoin Price Soars Past $71,000: Here’s Why"}]},{"@type":"WebSite","@id":"https:\/\/wncen.com\/#website","url":"https:\/\/wncen.com\/","name":"NewsBTC","description":"Bitcoin & Cryptocurrency News Today","publisher":{"@id":"https:\/\/wncen.com\/#organization"},"potentialAction":[{"@type":"SearchAction","target":{"@type":"EntryPoint","urlTemplate":"https:\/\/wncen.com\/?s={search_term_string}"},"query-input":{"@type":"PropertyValueSpecification","valueRequired":true,"valueName":"search_term_string"}}],"inLanguage":"en-US"},{"@type":"Organization","@id":"https:\/\/wncen.com\/#organization","name":"NewsBTC","url":"https:\/\/wncen.com\/","logo":{"@type":"ImageObject","inLanguage":"en-US","@id":"https:\/\/wncen.com\/#\/schema\/logo\/image\/","url":"https:\/\/wncen.com\/wp-content\/uploads\/2020\/06\/logo-min.png?fit=157%2C46","contentUrl":"https:\/\/wncen.com\/wp-content\/uploads\/2020\/06\/logo-min.png?fit=157%2C46","width":157,"height":46,"caption":"NewsBTC"},"image":{"@id":"https:\/\/wncen.com\/#\/schema\/logo\/image\/"},"sameAs":["https:\/\/www.facebook.com\/newsbtc","https:\/\/x.com\/newsbtc","https:\/\/www.youtube.com\/channel\/UC9v9erBEru5y4c3FA0wehEw"]},{"@type":"Person","@id":"https:\/\/wncen.com\/#\/schema\/person\/d4fcdbfaec61dd668092ba3f4d318028","name":"Jake Simmons","image":{"@type":"ImageObject","inLanguage":"en-US","@id":"https:\/\/wncen.com\/#\/schema\/person\/image\/","url":"https:\/\/secure.gravatar.com\/avatar\/b1c6e6bccf4fbe757cbc0396eeac0abf?s=96&d=mm&r=g","contentUrl":"https:\/\/secure.gravatar.com\/avatar\/b1c6e6bccf4fbe757cbc0396eeac0abf?s=96&d=mm&r=g","caption":"Jake Simmons"},"description":"Jake Simmons, a dedicated crypto journalist, has been passionate about Bitcoin since 2016 when he first learned about it. 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 Past $71,000: Here’s Why","url":"http:\/\/wncen.com\/news\/bitcoin-price-soars-past-71000-heres-why\/","mainEntityOfPage":{"@type":"WebPage","@id":"http:\/\/wncen.com\/news\/bitcoin-price-soars-past-71000-heres-why\/"},"thumbnailUrl":"https:\/\/wncen.com\/wp-content\/uploads\/2024\/06\/DALL\u00b7E-2024-06-05-08.52.43-A-realistic-depiction-of-a-Bitcoin-with-a-green-upward-trending-chart-arrow-in-the-background-symbolizing-financial-growth.-The-Bitcoin-should-be-hig.png?resize=200%2C200","image":{"@type":"ImageObject","url":"https:\/\/wncen.com\/wp-content\/uploads\/2024\/06\/DALL\u00b7E-2024-06-05-08.52.43-A-realistic-depiction-of-a-Bitcoin-with-a-green-upward-trending-chart-arrow-in-the-background-symbolizing-financial-growth.-The-Bitcoin-should-be-hig.png?fit=1792%2C1024"},"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 news","bitcoin price","btc","btc price","why is bitcoin price up today","why is bitcoin up today"],"dateCreated":"2024-06-05T07:20:34Z","datePublished":"2024-06-05T07:20:34Z","dateModified":"2024-06-11T06:52:10Z"},"rendered":"<script type=\"application\/ld+json\">{\"@context\":\"https:\\\/\\\/schema.org\",\"@type\":\"NewsArticle\",\"headline\":\"Bitcoin Price Soars Past $71,000: Here’s Why\",\"url\":\"http:\\\/\\\/wncen.com\\\/news\\\/bitcoin-price-soars-past-71000-heres-why\\\/\",\"mainEntityOfPage\":{\"@type\":\"WebPage\",\"@id\":\"http:\\\/\\\/wncen.com\\\/news\\\/bitcoin-price-soars-past-71000-heres-why\\\/\"},\"thumbnailUrl\":\"https:\\\/\\\/wncen.com\\\/wp-content\\\/uploads\\\/2024\\\/06\\\/DALL\\u00b7E-2024-06-05-08.52.43-A-realistic-depiction-of-a-Bitcoin-with-a-green-upward-trending-chart-arrow-in-the-background-symbolizing-financial-growth.-The-Bitcoin-should-be-hig.png?resize=200%2C200\",\"image\":{\"@type\":\"ImageObject\",\"url\":\"https:\\\/\\\/wncen.com\\\/wp-content\\\/uploads\\\/2024\\\/06\\\/DALL\\u00b7E-2024-06-05-08.52.43-A-realistic-depiction-of-a-Bitcoin-with-a-green-upward-trending-chart-arrow-in-the-background-symbolizing-financial-growth.-The-Bitcoin-should-be-hig.png?fit=1792%2C1024\"},\"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 news\",\"bitcoin price\",\"btc\",\"btc price\",\"why is bitcoin price up today\",\"why is bitcoin up today\"],\"dateCreated\":\"2024-06-05T07:20:34Z\",\"datePublished\":\"2024-06-05T07:20:34Z\",\"dateModified\":\"2024-06-11T06:52:10Z\"}<\/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\/06\/DALL\u00b7E-2024-06-05-08.52.43-A-realistic-depiction-of-a-Bitcoin-with-a-green-upward-trending-chart-arrow-in-the-background-symbolizing-financial-growth.-The-Bitcoin-should-be-hig.png?fit=1792%2C1024","amp_enabled":true,"_links":{"self":[{"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/posts\/611504"}],"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=611504"}],"version-history":[{"count":0,"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/posts\/611504\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/media\/611510"}],"wp:attachment":[{"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/media?parent=611504"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/categories?post=611504"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/tags?post=611504"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}