Close Menu
Invest Insider News
    Facebook X (Twitter) Instagram
    Wednesday, June 18
    Facebook X (Twitter) Instagram Pinterest Vimeo
    Invest Insider News
    • Home
    • Bitcoin
    • Commodities
    • Finance
    • Investing
    • Property
    • Stock Market
    • Utilities
    Invest Insider News
    Home»Bitcoin»Bitcoin Briefly Touches $66,000 as Rebound Continues
    Bitcoin

    Bitcoin Briefly Touches $66,000 as Rebound Continues

    July 17, 20243 Mins Read


    Bitcoin (BTC) rallied above $66,000 in early Asian trading on Wednesday, extending its recent gains after a volatile few weeks.

    At the time of writing, the Bitcoin price has retraced slightly. The leading cryptocurrency is currently trading around $65,456.03 after having gained 3.8% in the last 24 hours, according to Coingecko data.

    This comes after a period of uncertainty in July, when BTC dropped as low as $53,500 amid concerns surrounding repayments from defunct exchange Mt. Gox.

    This surge is part of a broader upward trend in the crypto market, with Ethereum also seeing gains, trading up 3.2% at $3,470.

    One key factor contributing to the positive momentum was the complete liquidation of Bitcoin holdings by wallets linked to the German state of Saxony. Or rather, the fact that it’s all done.

    Eugene Cheung, VP and Head of Institutions at Bybit wrote in a note shared with Decrypt now that the German government has exhausted its BTC selling, the market is likely to see near-term relief and renewed demand flowing in to support the market and market profitability stays strong.

    He noted that most of the coin supply is still held at a favorable cost, below the current spot price.

    “However, the looming overhang of Mt. Gox coins contributes to a sense of caution in the market, though the chance that this sell-pressure is already priced in is high,” Cheung said. “After all, the distribution of the Mt Gox bankruptcy estate has been closely followed by the industry for years and is probably the most telegraphed sell-event in BTC history.”

    Additionally, the crypto market has found renewed optimism in the pro-Bitcoin stance of Republican presidential candidate Donald Trump.

    In a surprising move, Trump announced his selection of crypto-friendly Senator J.D. Vance as his vice-presidential running mate via a post on Truth Social, which he launched after being banned from Twitter in January 2021 following the events at the U.S. Capitol.

    Although Elon Musk reinstated Trump’s Twitter account after acquiring the platform, Trump has consistently refused to return to Twitter, preferring to use Truth Social as his primary means of communication with supporters.

    Trump’s post quickly gained traction across various social media platforms on Monday,  further bolstering the crypto community’s outlook.

    The surge in Bitcoin’s value coincides with increasing inflows into Bitcoin spot ETFs.

    On July 16 alone, U.S. spot Bitcoin ETFs saw a total net inflow of $423 million, marking the eighth consecutive day of net inflows, according to data from SoSo Value.

    BlackRock’s iShares Bitcoin Trust (NASDAQ: IBIT) led the charge with a single-day inflow of $260 million, while the Fidelity Wise Origin Bitcoin Fund (FBTC) attracted $61.053 million.

    Valentin Fournier, an analyst at BRN said in a note shared with Decrypt that Mt. Gox on Monday moved $6 billion out of its $9 billion BTC holdings from its main wallet ahead of beginning repayments. Roughly $2.8 billion went to a cold wallet and another $3 billion was transferred to Kraken.

    “This resulted in a brief dip to $62,400, followed by a strong rebound,” Fournier wrote. “This shows that Bitcoin’s momentum is resilient and that it could extend to higher levels.”

    The BRN analyst also noted the increasing inflows into Bitcoin ETFs, with more than $1 billion in three days and $1.9 billion in the past seven days.

    “As Bitcoin keeps breaking resistance and is not in overbought positions yet, we believe it will keep going, potentially retesting 70,000 by next Tuesday,” Fournier predicted.

    Edited by Stacy Elliott.



    Source link

    Share. Facebook Twitter Pinterest LinkedIn Tumblr Email
    Previous ArticleTOI Commodities inks US$177.5mn facility with development banks, commercial lenders
    Next Article ALP Utilities shares details of new operations center – Alexandria Echo Press

    Related Posts

    Bitcoin

    Chute du Bitcoin (BTC), Wall Street en berne… Le conflit Israël/Iran pèse sur les marchés

    June 18, 2025
    Bitcoin

    The Blockchain Group acquiert 17 millions d’euros de Bitcoin

    June 18, 2025
    Bitcoin

    L’augmentation de Bitcoin est-elle une bénédiction ou une menace pour les bons du Trésor d’entreprise?

    June 18, 2025
    Leave A Reply Cancel Reply

    Top Posts

    Action Ganglong China Property Group Limited | Cours 6968 Bourse Hong Kong S.E.

    July 31, 2007

    les fondamentaux de l’or restent bons

    September 4, 2007

    les fondamentaux de l’or restent bons

    September 4, 2007
    Stay In Touch
    • Facebook
    • YouTube
    • TikTok
    • WhatsApp
    • Twitter
    • Instagram
    Latest Reviews
    Bitcoin

    Bitcoin Drops Below $59K; Reasons Why BTC Price Is Falling Today

    August 27, 2024
    Stock Market

    Wise to switch main listing to New York from London — Capital Brief

    June 5, 2025
    Bitcoin

    Bitcoin Primed for ‘Big Blow-Off Top Moves,’ Says Analyst Jason Pizzino – Here’s the Timeline

    July 18, 2024
    What's Hot

    The US economy Kamala Harris inherits and how she may run on it

    July 27, 2024

    Dollar falls vs. yen, global stock index up, with focus on rate cuts

    July 12, 2024

    Why Ripple’s $125M Fine Could Drive BTC to $70k

    August 8, 2024
    Most Popular

    Tout pour investir : 11h/12h

    February 25, 2025

    Commodity FX gets no help from higher US equities [Video]

    July 22, 2024

    Economist Who Called ’08 Recession Warns Stocks in ‘Mega-Bubble’

    October 19, 2024
    Editor's Picks

    Reflections on Hilaire Belloc’s “Essay on the Restoration of Property” ~ The Imaginative Conservative

    July 26, 2024

    China to ‘vigorously, orderly’ expand sales of finished homes in property-sector overhaul

    August 23, 2024

    sur quelle plateforme investir ?

    May 31, 2025
    Facebook X (Twitter) Instagram Pinterest Vimeo
    • Get In Touch
    • Privacy Policy
    • Terms and Conditions
    © 2025 Invest Insider News

    Type above and press Enter to search. Press Esc to cancel.