Why is Bitcoin price up today? By Cointelegraph


Why is Bitcoin price up today?

price is up on Nov. 4, and a market-wide rally in crypto prices suggests that Bitcoin (BTC) , (BNB) and Ether (ETH) are starting the month of November in the black.

Bitcoin and the market are fighting back after the Federal Reserve’s Nov. 2 announcement of a 0.75 basis point interest rate hike which at first had a positive impact on equities and cryptocurrency markets, then led to a market downturn.

BTC price. Source: Cointelegraph
Crypto market performance. Source: CoinMarketCap
Bitcoin options open interest. Source: Coinglass
Interest rates may fall. Source: Macromicro
Bitcoin to SPX correlation coefficient. Source: TradingView
Bitcoin UTXO realized price distribution in October 2022. Source: Glassnode