Business NEWS

    News that matters

    Bitcoin Surges 8.5%: CME Group Predicts Further Rate Hikes, Institutional Funds Flowing In


    Today, Bitcoin (BTC) is trading up about 8.5% from Tuesday's closing price, with the asset currently trading near its midpoint for the past five-days.[0] The coin is up $1921.58, or 8.64%, to $24172.77 and is 4.82% off its five-day high and is 3.65% higher than its five-day low of $21460.09.[1] This marks the asset's highest level since August and is close to its 61.8% fibonacci retracement at $25,967 on its 12H price chart.[2]

    The surge in Bitcoin is attributed to mild accumulation from 100 to 1,000 BTC traders and a decrease in risk aversion that helps to temper concerns about a widening crackdown by US regulators. The world's crypto market capitalization is currently at 1.07 trillion USD, which is a 0.57% rise from the previous day.[3] The crypto market volume for the last 24 hours is estimated to be 50.09 billion USD, a 2.42% increase from the previous day.[4]

    The CME Group's analysts forecast that there is a greater than 90% likelihood that the Federal Reserve will increase rates by 25 basis points at its gathering next month.[3] Interest rates in the United States are at their highest level in 15 years, sitting between 4.5% and 4.75%. The Federal Reserve has indicated that it could raise rates up to 5% in order to bring inflation back into its target range.[5]

    On Wednesday, February 15, the prices of altcoins rose in tandem with Bitcoin.[6] Ethereum (ETH), the second-largest cryptocurrency globally, is up by 9% and trading at a price of $1,686.[7] Currently, ETH has difficulty surpassing the $1,700 mark.[6] BNB rose 7.1% to US$317.39 as well.[3]

    Nearly $1.6 billion in institutional funds have flowed into the crypto market over the past six days, mostly from stablecoins like Circle-issued USD Coin (USDC).[8] Whales have also taken the dive, transacting at their highest rate in three months.[9]

    In conclusion, Bitcoin has had a strong start to the year with the cryptocurrency seeing a huge rally.[10] The Fed's interest rate hikes, the Nasdaq's 16% increase year-to-date, and the decreased risk aversion all contribute to the rise in BTC prices.

    0. “Bitcoin Surges After Retracing To This Fibonacci Level: What's Happening?” Benzinga, 15 Feb. 2023,

    1. “Bearish-Rated Bitcoin (BTC) Rises Tuesday to $22242.4” InvestorsObserver, 14 Feb. 2023,

    2. “Bitcoin price rally fails to turn derivatives traders bullish, here’s what to expect” FXStreet, 16 Feb. 2023,

    3. “Bitcoin breaches US$24,000 to reach highest price since August as short sellers liquidated” Yahoo Life, 16 Feb. 2023,

    4. “Bitcoin Price Today: Bitcoin (BTC) Jumps By 0.64% In The Last 24 Hours” CoinGape, 7 Feb. 2023,

    5. “Bitcoin, Ethereum, and major altcoins gain after the US CPI” CryptoNewsZ, 15 Feb. 2023,

    6. “Crypto Market Jumps 10% with Bitcoin Approaching $25,000, BLUR Token Volume Hits $1 Billion” Coinspeaker, 16 Feb. 2023,

    7. “Crypto Market Cap At $1.03 Trillion, Bitcoin Gains 1.82%, Ethereum Rises 3.39%” Outlook India, 15 Feb. 2023,–news-262326

    8. “Bitcoin single-day price surge linked to billions in USDC inflows” Cointelegraph, 16 Feb. 2023,

    9. “AI's Valentine Visions: Bitcoin's Price Predicted For February 14th” TronWeekly, 14 Feb. 2023,

    10. “Bitcoin surges 11% despite U.S. crackdown, as crypto market gains $84 billion in value” CNBC, 16 Feb. 2023,

    Leave a Comment

    This div height required for enabling the sticky sidebar