2024

Bitcoin

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Bitcoin’s price exploded above $63,000 today, reaching a local high at around $63,400. Even though it has since retraced to where it currently trades at $62,700, this is still a considerable increase of 4% for the past 24 hours.
<figure id="attachment_365882" aria-describedby="caption-attachment-365882" style="width: 100%" class="wp-caption aligncenter"><a href="https://cryptopotato.com/wp-content/uploads/2024/10/BTCUSD_2024-10-12_12-26-07.png" data-wpel-link="internal" rel="noopener noreferrer nofollow"><img class="size-full wp-image-365882" src="https://cryptopotato.com/wp-content/uploads/2024/10/BTCUSD_2024-10-12_12-26-07.png" alt="" width="3250" height="1586" srcset="https://cryptopotato.com/wp-content/uploads/2024/10/BTCUSD_2024-10-12_12-26-07.png 3250w, https://cryptopotato.com/wp-content/uploads/2024/10/BTCUSD_2024-10-12_12-26-07-300x146.png 300w, https://cryptopotato.com/wp-content/uploads/2024/10/BTCUSD_2024-10-12_12-26-07-1024x500.png 1024w, https://cryptopotato.com/wp-content/uploads/2024/10/BTCUSD_2024-10-12_12-26-07-768x375.png 768w, https://cryptopotato.com/wp-content/uploads/2024/10/BTCUSD_2024-10-12_12-26-07-1536x750.png 1536w, https://cryptopotato.com/wp-content/uploads/2024/10/BTCUSD_2024-10-12_12-26-07-2048x999.png 2048w, https://cryptopotato.com/wp-content/uploads/2024/10/BTCUSD_2024-10-12_12-26-07-50x24.png 50w" sizes="(max-width: 3250px) 100vw, 3250px"></a>
 <figcaption id="caption-attachment-365882" class="wp-caption-text">
 Source: TradingView
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</figure>
It’s also important to note that Bitcoin has managed to outperform the rest of the leading cryptocurrencies, which are charting marginal gains.
So, what are the reasons for this recovery? What could be driving the BTC price up in the past couple of days?
Well, reason number one might as well be the fact that Mt. Gox has pushed its repayment deadline to October 31st, 2025. Previously, this deadline was October 31st, 2024. According to the <a href="https://www.mtgox.com/img/pdf/20241010_1b5ee10e-cf5b-420e-9e41-43ccd9e515e5_announcement_en.pdf" data-wpel-link="external" target="_blank" rel="noopener noreferrer nofollow">official notice</a>:
<blockquote>
 As it is desirable to make the Repayments to such rehabilitation creditors to the extent reasonably practicable, the Rehabilitation Trustee, with the permission of the court, has changed the deadline for the Repayments from October 31, 2024 (Japan Standard Time) to October 31, 2025 (Japan Standard Time).
</blockquote>
This is noteworthy because it alleviates the immediate selling pressure on BTC.
Another reason could be that China has officially <a href="https://www.reuters.com/world/china/china-unveils-fiscal-stimulus-measures-revive-growth-2024-10-12/" data-wpel-link="external" target="_blank" rel="noopener noreferrer nofollow">unveiled</a> a fiscal stimulus package that’s aimed at reviving the economy. The package targets low-income households while also supporting property markets and replenishing state banks’ capital.
Although officially announced a few hours ago, this was a much-anticipated development that the markets have been waiting for during the past few days.
The post <a href="https://cryptopotato.com/the-reason-bitcoins-price-increased-to-63000-today/" rel="noopener noreferrer nofollow">The Reason Bitcoin’s Price Increased to $63,000 Today</a> appeared first on <a href="https://cryptopotato.com/" rel="noopener noreferrer nofollow">CryptoPotato</a>.

The Reason Bitcoin’s Price Increased to $63,000 Today

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