Bitcoin’s (BTC) price briefly soared to a daily high of approximately $65,000 but then pulled back by around 3% on Tuesday, trading at approximately $62,981. This surge and subsequent decline triggered a wave of volatility across the cryptocurrency market, resulting in forced liquidations amounting to about $205 million over the past 24 hours.
Altcoins followed Bitcoin’s lead, experiencing similar fluctuations in their values. But what’s next?
As the dust of the Bitcoin sales by the German government settled in the past few days, defunct crypto exchange Mt.Gox accelerated its repayment process on Tuesday. According to on-chain data analysis conducted by Arkham Intelligence, Mt.Gox transferred more than 96k Bicoins, worth over $6 billion, from its cold wallet to a new address in the past few hours leading to this publication.
Despite the large volume of Bitcoin being moved, the Mt. Gox repayment is not seen as a significant source of selling pressure when compared to the German government’s sales. Most of the repaid Bitcoin will be distributed to individual creditors, many of whom are expected to be long-term holders.
The demand for Bitcoin from institutional investors has surged over the past few weeks. Data from Intotheblock reveals that long-term Bitcoin investors are continuing to accumulate coins, driven by the volatility and resurgence of FOMO (fear of missing out) trading.
In a positive development for the crypto market, cash inflows into US spot Bitcoin ETFs have exceeded $1.5 billion over the past two weeks. On Monday alone, these ETFs saw inflows of over $300 million, largely driven by BlackRock’s IBIT.
With the Bitcoin halving gradually being factored into the market, many analysts believe a new bull run for cryptocurrencies could be on the horizon.
Also Read: Ethereum Spot ETF to Launch On July 23, ETH Price To Mark New Highs At $5600 Shortly
Bull or bear? Where do you see the Bitcoin price headed next? Share your predictions.
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