Close Menu
Invest Insider News
    Facebook X (Twitter) Instagram
    Saturday, July 5
    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

    XRP: Mini Death Cross Surprise, Shiba Inu (Shib): Ce n’est pas normal, Bitcoin (BTC): Breakout fondamental sécurisé

    July 5, 2025
    Bitcoin

    Les investisseurs Bitcoin sont en hausse de 1,2 t $ en bénéfice non réalisé, mais c’est une épée à double tranchant

    July 5, 2025
    Bitcoin

    Huit portefeuilles Bitcoin se déplacent 80 000 BTC dans les plus grands transferts « Satoshi Era »

    July 5, 2025
    Leave A Reply Cancel Reply

    Top Posts

    How is the UK Commercial Property Market Performing?

    December 31, 2000

    How much are they in different states across the US?

    December 31, 2000

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

    July 31, 2007
    Stay In Touch
    • Facebook
    • YouTube
    • TikTok
    • WhatsApp
    • Twitter
    • Instagram
    Latest Reviews
    Bitcoin

    Les réserves d’échange de Bitcoin atteignent un creux historique – une pointe de volatilité arrive-t-elle?

    June 2, 2025
    Stock Market

    BSE, NSE To Remain Closed For 12 Days In March 2025, Check Full List Here

    March 1, 2025
    Utilities

    Dozens of Bethel properties have been underpaying for utilities, city says

    October 30, 2024
    What's Hot

    Asian shares mixed, Chinese markets decline, after rally on Wall St

    March 25, 2025

    Newport property with £32,000-a-year tenants for sale

    March 28, 2025

    Sudden Bitcoin Price Spike Pushes Crypto Liquidations to $285 Million

    October 15, 2024
    Most Popular

    The astonishing results of a new study

    July 28, 2024

    Alpine Income Property Trust, Inc. : UBS conserve son opinion neutre

    May 13, 2025

    Bitcoin Covenants: Que sont-ils et que font-ils?

    March 20, 2025
    Editor's Picks

    US utilities grapple with Big Tech’s massive power demands for data centers

    April 7, 2025

    US stock futures steady with big tech earnings, econ. data on tap By Investing.com

    October 28, 2024

    Les principales cryptomonnaies reculent : le Bitcoin passe sous la barre des 107 000 $

    June 27, 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.