Bitcoin price exploded above $63,000 today, reaching a regional high of around $63,400. It has since returned to levels where it is currently trading at $62,700, which is still a significant 4% increase over the past 24 hours.
It is also important to note that Bitcoin has outperformed other major cryptocurrencies, which have recorded modest gains.
So what is the reason for this recovery? What is the reason for the rise in BTC price in the past few days?
Well, the biggest reason is probably the fact that Mt. Gox has postponed the repayment deadline to October 31, 2025. Previously, this deadline was October 31, 2024. According to the official notification:
Since it is desirable to make such payments to rehabilitation creditors to the extent reasonably practicable, the rehabilitation trustee, with permission from the court, has set the payment deadline from October 31, 2024 (Japan time) to October 2024. It has been changed to the 31st. 2025 (Japan Standard Time).
This is worth noting as it reduces the immediate selling pressure on BTC.
Another reason may be that China has officially announced fiscal stimulus measures aimed at economic recovery. The policy targets low-income households, while supporting the real estate market and replenishing capital in state banks.
Officially announced a few hours ago, this was a long-awaited development that the market had been waiting for for the past few days.
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