Bitcoin’s price recently jumped back above $115,000, and things got really interesting on Binance.
A Sudden Spike in Trading
For a while, Bitcoin trading on Binance was a bit slow. But then, things changed dramatically. A market expert, Darkfost, noticed a huge surge in Bitcoin “taker buy volume” – meaning a lot of people were buying Bitcoin quickly. This happened right after the US released its Producer Price Index (PPI) report.
This wasn’t just a small increase; Binance saw a whopping $500 million in taker buy volume in a single minute! This shows how quickly the crypto market can react to economic news. It also highlights how much trading happens on Binance’s derivatives market.
What the PPI Report Meant
The PPI report showed that inflation might be cooling down more than expected. This was a surprise, especially after some recent confusing job market numbers. The core PPI year-over-year was 2.8%, and the month-over-month change was -0.1%. This better-than-expected news sent markets, including Bitcoin, up.
The Aftermath
Bitcoin’s price is still looking good, up almost 3% in the last 24 hours. However, trading volume is starting to dip slightly, down over 6% in the same period. The initial excitement seems to be settling down a bit. But the quick reaction to the PPI report really shows how closely tied Bitcoin’s price is to broader economic news.