The rise that began last week in the cryptocurrency world gained momentum on Saturday but had recently turned into a decline. Today, this decline has evolved into something entirely different. After the recent surge, the price exceeded $66,000 for the first time in a month. A significant figure in the market also made important remarks about BTC in a session.
Analysts’ Bitcoin Commentary
An economist closely followed in the cryptocurrency world stated that Bitcoin (BTC) might be entering a new trend.
In a YouTube interview, economist Alex Krüger noted that BTC, which is undeniably the leader in terms of market value, initiated a new upward movement after reclaiming the $60,000 level.
I think what we just saw is a trend change, a major trend change, and we are just continuing higher.
Some analysts explained the biggest reasons for the sharp decline before the recovery in Bitcoin’s price. According to them, the impending repayments by the defunct crypto exchange Mt. Gox and the German government’s sale of their Bitcoin holdings were significant factors.
Krüger suggested that the amount of Bitcoin flowing into the market could be absorbed before the market enters a bullish phase.
Basically, Mt. Gox has 141,000 Bitcoin to distribute. Of these, 95,000 will be distributed within 90 days, with those opting for early distribution receiving them with a roughly 10% haircut. Of these 95,000, 20,000 will go to credit funds, and 10,000 will go to the New Zealand exchange that entered its own bankruptcy process, thus not entering the market. 65,000 will go to individual creditors. So, within 90 days, that makes 85,000. Let’s say 30% is sold. That makes 25.5%. This is almost the same as Germany but spread over time… If this situation changes the trend and we go down instead of up, I would be very surprised.
Bitcoin’s Current Price
Bitcoin started to rise in the past hours. The surge began at the $64,000 level and then rose to $66,800. As of the time of writing, BTC has seen a 5% increase in the last 24 hours.
Bitcoin’s market cap also exceeded $1.3 trillion for the first time in about a month, creating great excitement among investors. On the other hand, BTC’s trading volume rose to $33.333 billion after a 22% increase in the last 24 hours.
