As a seasoned crypto investor with a knack for deciphering market trends and spotting hidden gems, I find myself intrigued by the recent developments surrounding Bitcoin. The rally from $57,000 to $69,000 has caught my attention, not just for its magnitude but also for the new investors it’s attracting.
Currently, Bitcoin is holding steady near its current prices but has been unable to shake off the negative influence from the last two trading days. Examining its daily chart reveals some areas of vulnerability. Yet, if the bulls regain momentum, they might manage to thwart lower lows and retake the $70,000 level, potentially even aiming for $72,000 again.
Trump Effect? New BTC Investors Rise By 3% When Prices Rose From $57,000 to $69,000
In the community’s observation of the coin’s price movement, there are also noteworthy advancements strengthening the belief that the coin might be gearing up for even greater peaks. Using on-chain information, an analyst pointed out that the surge from $57,000 to $69,000 in price attracted a wave of new investors.
During this period, we’ve seen a 3% rise in the number of fresh investors, a significant jump when compared to the post-FTX crash that saw only a 4% increase in new users. It’s intriguing that these new investors are keen on investing at this rate, indicating their optimism for the future.
The rise in Bitcoin prices from $57,000 to its peak at $69,000 happened around significant U.S. events. On July 14, former President Donald Trump, who is challenging President Joe Biden in November, survived an assassination attempt. This unsuccessful act boosted the likelihood of Trump regaining the presidency.
Over the past weekend, Donald Trump spoke as the main guest at a Bitcoin Convention in Nashville. The ex-president once again expressed his backing for the top global cryptocurrency. Trump promised the community that if given another chance, he would replace the current chair of the United States Securities and Exchange Commission (SEC), Gary Gensler, with someone who is ready to usher in a digital currency era where America takes the lead.
Trump additionally expressed interest in having Bitcoin serve as a strategic reserve, should his administration take office. Currently, Senator Cynthia Lummis is drafting legislation mandating the Treasury to acquire approximately 200,000 Bitcoins per year for a five-year period. This shift in stance by the former president toward cryptocurrencies could be one reason behind the growing interest among users eager to invest.
Bitcoin: A Whale’s Court?
Despite Trump’s endorsement and an increase in new users, on-chain data indicates that the typical monthly Bitcoin transfers continue to be high. As of July 31st, the analyst noted that the average monthly transfer volume has varied between 700,000 and 1 million BTC over the past 18 months.
Despite the image implying that whales are present and influencing the situation significantly, the average Bitcoin transfer volume has been relatively low since mid-2022. It experienced a steep decline, reaching a peak of 6 million BTC during the Luna Crash before maintaining a steady state over the past 18 months.
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2024-08-01 07:42