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Why is Bitcoin price up today? By Cointelegraph



Why is Bitcoin price up today?

price saw a brief rally today, and a market-wide rally in crypto prices suggests that Bitcoin (BTC) , (DOGE) and Ether (ETH) could be aiming to start the month of November in the black.

The Federal Reserve’s Nov. 2 announcement of a 0.75 basis point interest rate hike at first had a positive impact on equities and cryptocurrency markets, which posted marginal gains prior to Fed Chairman Jerome Powell issuing comments about the rate hike and future of Fed policy.

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