Is The US Government Now The Biggest Threat?
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Bitcoin is shaky at spot rates, looking at the formation in the daily chart. The leg-up to spot rates meant the world’s most valuable coin shot by roughly 30%, rising from the pits of $53,500 to around $70,000 over the weekend. Mt. Gox Overhang Gone, A Relief For Bitcoin As prices cool off, rapidly finding rejection from the critical round number and roughly $2,000 from June 2024 highs, Glassnode analysts think Bitcoin is entering a new era. Citing the recent distribution of BTC by Mt. Gox creditors, Glassnode observed that the “overhang” that had held the industry ransom for roughly 10 years is easing. After initial fears that the distribution of billions of BTC by Mt. Gox creditors would wreak the market were proven otherwise, prices rose. While there was success as the market showed how robust it had grown over the years by easily absorbing those coins, what’s important to note is the psychological milestone this event was. Mt. Gox trustee BTC balance | Source: Glassnode Glassnode observed that slightly over 59,000 BTC have been distributed to hack victims via designated exchanges Kraken and Bitstamp. This batch was from the 141,686 BTC recovered from hackers, and Mt. Gox creditors plan to distribute the remainder in the days to come. While some are relieved that a portion of the Mt. Gox haul has been distributed, it remains to be seen how prices will react in the coming sessions. So far, Bitcoin is within a narrow range, stuck primarily between $60,000 and the all-time high of approximately $74,000. A level deeper, there are key resistance levels to watch at $70,000 and $72,000. Bitcoin price trending sideways on the daily chart | Source: BTCUSDT on Binance, TradingView If bulls manage to push prices higher, a break above $72,000 would be crucial.…
Filed under: News - @ July 31, 2024 2:14 pm