Why Is Bitcoin Price Up Today?
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The global crypto market has seen a strong rise, with Bitcoin leading the charge. In the past 24 hours, the global crypto market capitalization has risen by about 2.3%, reaching $2.06 trillion. Bitcoin’s price surged to $58,281, fueled by a combination of positive economic news and growing interest in Bitcoin-related products.
U.S. CPI Data Drop to 2.5%A key factor driving Bitcoin’s price increase is the latest Consumer Price Index (CPI) report from the U.S. Bureau of Labor Statistics. The CPI inflation rate dropped to 2.5% in August, down from 2.9% in July. This was below the expected figure of 2.6%, showing inflation is easing..
Core CPI inflation, which excludes volatile items like food and energy, also fell to 3.2%. This lower inflation can lead to more interest in Bitcoin, as it is often seen as protection against rising prices.
Spot Bitcoin ETF Inflows ContinueAnother driving force behind Bitcoin’s rise is the growing inflow into spot Bitcoin exchange-traded funds (ETFs). According to blockchain analytics platform Lookonchain, the 10 Bitcoin ETFs recorded inflows of $44.32 million on September 11.
