BTC has grown steadily over the past week.
Bitcoin has found the bottom in the region of $18,000, suggested the ex-CEO of the BitMEX crypto exchange.
The acute phase of deleveraging and panic in the markets have ended, Citigroup believes.
The growth of the money supply indicates an imminent reversal of the bitcoin trend, according to the co-founder of Real Vision Group.
Bitcoin has grown by 8.6% over the past week, ending it at about $22,700 amid strengthening stock indexes. BTC broke through the July highs and rose above $24,000 for the first time since June 13.
The former CEO of the BitMEX crypto exchange, Arthur Hayes, suggested that bitcoin hit the bottom at $18,000 in June. However, in his opinion, the bottom is usually tested again before the market returns to the bullish phase.
The acute phase of deleveraging and panic in the markets have ended, according to Citigroup. According to Arcane Research, since May 10, large organizations have sold more than 236 thousand bitcoins with a total value of over $5.4 billion.
The liquidation of collateral in BTC by the Luna Foundation Guard became the largest – more than 80 thousand BTC were sold. Tesla got rid of 29,060 BTC. Another 24.5 thousand bitcoins were sold by the Canadian exchange-traded fund Purpose BTC. Miners have sold over 19 thousand. BTC in the period from May to June.
The growth of the money supply indicates an imminent reversal of the bitcoin trend, according to Real Vision Group co-founder Raul Pal. According to him, the markets are mainly managed by liquidity.
California authorities have allowed politicians to accept donations in cryptocurrencies, lifting a four-year ban on such practices. Donations in cryptocurrencies must be immediately converted into US dollars and transferred to a bank account within two days.
Boston Consulting Group, Bitget and Foresight Ventures presented a joint study, according to which the number of cryptocurrency users should reach 1 billion by 2030.