Bitcoin Hits $65K Shaking Off Mt. Gox Payout Worries; XRP Leads Crypto Rally
The Mt. Gox distribution will not end the bullish trend, CryptoQuant CEO noted.
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The Mt. Gox distribution will not end the bullish trend, CryptoQuant CEO noted.
A continuing series of record highs for the S&P 500 and Nasdaq over the past weeks has done nothing to prop up sliding crypto prices, but Thursday saw both asset classes tumbling together.
The market will have to absorb between $4-$6 billion worth of bitcoin selling pressure throughout the summer months, weighing on prices, K33 Research said.
Bitcoin’s price briefly declined to $55,000 following the blockchain transactions.
Data from Bloomberg Intelligence shows the spot funds saw net inflows of $790 million even as the price of bitcoin tumbled 7%.
The latest price moves in bitcoin (BTC) and crypto markets in context for July 1, 2024. First Mover is CoinDesk’s daily newsletter that contextualizes the latest actions in the crypto markets.
As bitcoin’s volatility is nearing historically low levels, the crypto market is in need of news or catalysts to bring traders to action, one market participant noted.
BTC plummeted more than 2% in an hour to $65,200 during the U.S. trading session from around the $67,000 area. The leading crypto was down 7.5% over the past seven days
The latest price moves in bitcoin (BTC) and crypto markets in context for June 14, 2024. First Mover is CoinDesk’s daily newsletter that contextualizes the latest actions in the crypto markets.
Tomorrow’s Fed “dot plot” of interest rate projection and forward guidance by Chairman Powell will be key for what’s next for the digital asset market, K33 Research said.