Bitcoin climbs almost 5% to $61.5k as market reacts positively to Mt. Gox distributions
The flagship crypto was still up 3.75% over the past 24 hours and trading at $60,770 as of press time,
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The flagship crypto was still up 3.75% over the past 24 hours and trading at $60,770 as of press time,
Assad Jafri 2 min read
The liquidity concentration issues got worse since the launch of spot Bitcoin ETFs in the US, adding risks of sharp weekend price swings.
The average price of short-term Bitcoin investors sits at $64,860, which could trigger capitulation if another sell-off happens.
BTC and ETH still have significant challenges in the short term, as they must conquer key supports in the daily chart.
According to market experts, traders expect a "bullish second half of the year" with options placing the price between $90,000 and $100,000.
Following Jump Crypto's sell-off, Metalpha and an unknown whale also offloaded roughly $73 million in Ethereum.
The flagship crypto has fallen more than 8% since the start of the weekend to $58,061 — the lowest price recorded in almost three weeks.
The crypto market recorded a significant surge as New York trading began, climbing to new monthly highs despite most equities falling at the same time.
Arkham's tracker now shows a zero balance for the German government's Bitcoin holdings, marking a significant shift in the crypto landscape.