Why Did Bitcoin Rise?
Today, the Japanese stock market erased a significant portion of its losses and closed the day with gains of over 3%. The US markets opened positively about 3 hours ago. After last week’s global turmoil, the rebound in stocks disproves long-standing destruction stories. Of course, BTC also began its rise, albeit with a delay. Another important reason for today’s rise was the inflation data that came in below expectations.
Over $8 billion in Mt Gox returns, sales in Germany and the US, and recession concerns have all played a role. Now, with growing optimism about tomorrow’s inflation data, BTC is preparing for a potentially larger rise tomorrow.