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Bitcoin price is currently not following the downtrend. The total value of the cryptocurrency market has increased by 1.4% in the last 24 hours, reaching $2.66 trillion. Bitcoin‘s price dropped to $68,500 the previous night but climbed up to $70,700 with the start of active trading in Europe. So, what developments are making the downtrend invalid for Bitcoin?
What’s the Status of Bitcoin?
Yesterday, Bitcoin experienced a shakeup. First, the price rose to $71,800. Then it fell back to $68,500. This decline initially confirmed a short-term downtrend. However, it ended a few hours later with the recovery of the previous high levels.
In the short term, Bitcoin bulls are expecting to break above $71,000. Long-term investors may wait for the price to approach previous high levels. This is because we might be at a point where sales could intensify again.
According to CryptoQuant, a Bitcoin supply crisis has already started, and the demand for BTC is racing against time before it exceeds the supply.
A New York district court refused to recognize the US crypto exchange Coinbase as a broker, but found that the platform was involved in unregistered securities.
Do KuCoin and Other Key Developments Indicate a Rise?
According to Nansen, in the last 24 hours, the outflow of funds from the KuCoin crypto exchange reached approximately $1.1 billion amid new allegations from the US Department of Justice. There are also reports that KuCoin is exploring the possibility of selling the business in 2023.
CryptoQuant suggests that it’s unlikely for KuCoin to repeat the fate of the collapsed FTX. The speculation about the exchange’s potential bankruptcy, legal issues, and partial withdrawal of retail funds does not have a solid basis.
Amid these developments, a significant move occurred on the Binance front. Binance joined the Global Travel Rule Compliance Initiative and agreed to help combat financial crimes such as cross-border money laundering and the financing of terrorism.
MicroStrategy Shares Hit All-Time High
MicroStrategy shares reached an all-time high, and the company’s market value has nearly tripled since the beginning of the year. Interest in the stock is growing due to the crypto market rally and the implementation of the company’s Bitcoin strategy.
Ethereum‘s co-founder Vitalik Buterin admitted that the SHIB meme tokens he donated to charities have gained value contrary to expectations.
