Reserve Dollar

Bank

United

Bitcoin

Reserve

<p>The crypto market experienced a spectacular surge this Wednesday, and the price of Bitcoin once again surpassed the symbolic mark of $69,000. This rapid rise followed the release of U.S. inflation data, which was lower than expected.</p> 
<h2 id="h-the-immediate-market-reaction">The immediate market reaction</h2> 
<p><a href="https://www.cointribune.com/en/67500-bitcoin-collapses-and-liquidates-thousands-of-traders/" target="_blank" rel="noreferrer noopener">After its recent drop</a>, Bitcoin has crossed the symbolic mark of $69,000 again, marking a significant increase following the release of the latest inflation data in the United States. The Consumer Price Index (CPI) report revealed an annual increase of 3.3% in May, slightly lower than economists’ expectations of 3.4%. This lower-than-expected figure was positively received by investors, fueling a wave of buying in the cryptocurrency market. As a result, Bitcoin recorded an increase of more than 3% within 24 hours, reaching a peak of $69,300.</p>
<div class="my-4">
 <div class="ads " data-page-type="" data-location="1"> 
 </div> 
</div> 
<p>This surge led to massive liquidations of short positions, totaling $28 million, and $48 million of Bitcoin positions liquidated in total,<a href="https://www.coinglass.com/LiquidationData" target="_blank" rel="noreferrer noopener"> according to Coinglass data</a>.</p> 
<div class="affiliate-button"> <a class="affiliate-button__link" href="https://bitvavo.com/fr/affiliate/coinmedia?a=_cta" target="_blank" rel="noreferrer noopener">€20 bonus for registering on Bitvavo</a> <a class="affiliate-button__disclaimer" href="https://www.cointribune.com/en/sponsored-content/" target="_blank" rel="noreferrer noopener">This link uses an affiliate program.</a> 
</div> 
<h2 id="the-influence-of-institutional-investors-and-monetary-policies-on-bitcoin">The influence of institutional investors and monetary policies on Bitcoin</h2> 
<p>As institutional investors show growing interest, market data reveals a downward trend in Bitcoin balances on exchanges, with more than 14,000 Bitcoins withdrawn over the past two days. This accumulation by the market’s “whales” strengthens the bullish sentiment, despite the massive outflows observed in U.S. spot Bitcoin ETFs. This strategic move by large investors suggests confidence in Bitcoin’s resilience to current economic fluctuations.</p> 
<p>Concurrently, expectations of rate cuts by the U.S. Federal Reserve add another dimension to this dynamic. The monetary decisions of other major economies, such as the European Central Bank and the Bank of Canada, which have already started to lower their key rates, <a href="https://www.cointribune.com/en/bitcoin-btc-is-the-new-third-world/" target="_blank" rel="noreferrer noopener">weaken the U.S. dollar and create a favorable environment</a> for Bitcoin. The prospect of global monetary easing could support a new phase of increase, potentially beyond the $80,000 mark.</p>

Why did Bitcoin bounce back to $69,000?

Table of Contents

Cointribune EN

Other articles published on Jun 12, 2024

Singapore AI Week Kicks Off with Thousands of International Attendees, Highlighted by SuperAI — T...

Cryptocurrency Pepe Rises More Than 13% In 24 hours

Investors Assess ALGO Coin Performance

Faktor Penghambat Reli BTC, Harga PEPE Melompat, dan Raihan Terbaru BlockDAG

Investors Abandon Tron and Near Protocol, Choose MoonBag as the Top Crypto Presale in June 2024 w...

MoonBag: The Best Crypto Presale in June 2024 Set To Reach $1 as Rumors Of Coinbase Listing Linger

Join our free newsletter for daily crypto updates!