Bitcoin Price Rises Above $67,000 as Market Recovers
The price of Bitcoin has surged over 5% in the past week, reaching above $67,000 as the market recovers from a major downturn that wiped out $1 trillion from U.S. equities. This recent increase in Bitcoin’s price comes as the flagship cryptocurrency enters an “accumulation phase.” In the last month, there has been a substantial movement of 358,000 BTC, valued at over $24 billion, to permanent holder addresses. This influx of Bitcoin to long-term holders far exceeds the global spot exchange-traded fund (ETF) inflows of 53,000 BTC recorded this month.
Bitcoin Accumulation Phase
- Bitcoin price rises above $67,000 following market recovery.
- 358,000 BTC worth over $24 billion moved to permanent holder addresses in the past month.
- Global spot ETF inflows recorded at 53,000 BTC this month.
The CEO of CryptoQuant, Ki Young Ju, shared on X that whales in the crypto market are accumulating Bitcoin at an “unprecedented level.” He highlighted that not all of the remaining BTC is held in custody wallets, indicating a significant accumulation by large holders.
Market Analysis by CryptoQuant CEO
- CEO of CryptoQuant confirms Bitcoin is in an accumulation phase.
- Whales are accumulating BTC at an unprecedented level.
- Some BTC remains outside custody wallets.
After the distribution of Bitcoin and Bitcoin Cash to Mt. Gox creditors on Kraken, the platform’s spot Bitcoin trading volumes have returned to normal levels. Kraken, as one of the designated exchanges distributing funds, recently completed the distribution of BTC and BCH to Mt. Gox creditors who have been waiting for over a decade to receive their assets.
Kraken’s Distribution of BTC and BCH
- Kraken distributes BTC and BCH to Mt. Gox creditors.
- Exchange’s spot Bitcoin trading volumes back to normal.
- Creditors receive funds after a decade of waiting.
Contrary to market fears, the anticipated dump of BTC and BCH by creditors did not occur following the distribution. Market sentiment is now the primary driver of any potential price drops, according to Young Ju. In a separate development, Robert Kiyosaki, the author of the popular “Rich Dad Poor Dad” series, recently predicted a surge in Bitcoin, gold, and silver prices when Trump returns to the presidency.
Robert Kiyosaki’s Prediction for Bitcoin
- Author of “Rich Dad Poor Dad” series forecasts price surge for Bitcoin, gold, and silver.
- Predicts rise in prices when Trump becomes President again.
- Market sentiment influences Bitcoin’s price movement.
Hot Take: Bitcoin Continues to Rise
Bitcoin’s price surge above $67,000 reflects renewed investor confidence after a turbulent market period. The ongoing accumulation of Bitcoin by whales suggests a positive outlook for the cryptocurrency’s future. With market sentiment playing a crucial role in price movements, the distribution of BTC and BCH to Mt. Gox creditors has not caused the anticipated downturn. As predictions of price surges align with market recovery, Bitcoin’s resilience remains a key highlight in the digital asset space.
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