‘Bitcoin Won FUD,’ CryptoQuant CEO Speaks on BTC Price Action

by

As a seasoned cryptocurrency researcher with over a decade of experience observing and analyzing the digital asset market, I have to admit that this year has been quite surprising for Bitcoin. Ki Young Ju, CEO of CryptoQuant, has a point when he says that Bitcoin won all the “FUD” this year. The resilience it showed in absorbing significant selling pressure from events like the Mt. Gox Bitcoin sales and the sale of confiscated BTC by the German government without much impact is indeed remarkable.

As per Ki Young Ju, CEO of CryptoQuant, Bitcoin has triumphantly overcome the apprehensions, ambiguity, and skepticism (often referred to as FUD) this year. This assessment is based on the market’s ability to withstand substantial selling pressure from two significant events: the sales of Bitcoin from Mt. Gox and the sale of confiscated Bitcoins by the German government.

In January, German authorities disclosed they obtained approximately 50,000 Bitcoins, worth around $2 billion, from a suspect who willingly transferred them over charges involving copyright infringement for commercial purposes and money laundering. This move to sell off the seized Bitcoins raised apprehensions that influenced Bitcoin’s market value.

As a researcher studying the dynamic world of cryptocurrency, I can confidently say that Bitcoin has triumphantly weathered the storms of fear, uncertainty, and doubt (FUD) this year. Remarkably, even significant events like the Mt. Gox scandal and German Bitcoin sell-off have had minimal impact on the market, a scenario that our data forecasts accurately predicted.

— Ki Young Ju (@ki_young_ju) September 27, 2024

Similarly, just like when Mt. Gox declared their intention to reimburse over $9 billion in Bitcoin to thousands of their clients, there was speculation that these customers might consider selling a portion of their Bitcoin to capitalize on its rapid price increase.

In a recent tweet, the CEO of CryptoQuant made reference to a previous tweet from around July, discussing the alarming amount of Bitcoin sell-side liquidity linked to Mt.Gox.

After a previous post, Ju noted that Bitcoin had successfully overcome all the fear, uncertainty, and doubt (FUD) this year. Despite the market dealing with the selling of Bitcoin from Mt. Gox and Germany, the impact was relatively small, as anticipated by data. In July, the German government sold its final Bitcoin, concluding billions of dollars’ worth of transactions that had sparked much market speculation.

Bitcoin on course for one of its biggest September gains

Bitcoin appears to be heading towards one of its strongest September growths, boosted by a worldwide surge in interest rate reductions, with the U.S. Federal Reserve taking the lead. This trend seems to help Bitcoin conquer a traditional hurdle it often faces during this month.

This month, Bitcoin has seen a significant increase of around 11%, while the typical loss for September during the past ten years has been about 5.9%.

In September, each of the Federal Reserve, the European Central Bank, and the People’s Bank of China lowered their lending rates with the aim of boosting economic growth.

Currently, at the point of composition, Bitcoin (BTC) had increased by 1.76% within the past 24 hours to reach $65,434, having briefly peaked at $66,000 during Friday’s trading session. Over the course of a week, BTC has experienced a growth of 4.39%. So far in 2024, its value has risen by 56%, primarily due to investments into U.S.-based Bitcoin exchange-traded funds. However, it remains below its record high from March, which was $73,798.

Read More

2024-09-27 17:45