BTC soared above the $65,000 level for the first time since late June, shrugging off a drop below $63,000 earlier in the day as wallets related to the defunct Mt. Gox exchange’s estate moved $2.8 billion worth of bitcoin
The crypto rebound from last week’s low showed no signs of stopping with bitcoin (BTC) reaching its highest price in four weeks on Tuesday.
BTC soared above the $65,000 level for the first time since late June, shrugging off a drop below $63,000 earlier in the day as wallets related to the defunct Mt. Gox exchange’s estate moved $2.8 billion worth of bitcoin, likely preparing to distribute assets to creditors in the coming days.
The strongest performer among altcoin majors was XRP (XRP), the native token of the XRP Ledger payment network, up 9% during Tuesday and extending its weekly gains to 35%.
The token’s rally is supported by whales, or large asset holders, increasing their holdings, in a sign conviction in higher prices, crypto data provider Santiment pointed out.
Another catalyst was traditional derivatives trading powerhouses CME and CF Benchmarks announcing indices and reference rates for XRP. These offerings may boost institutional adoption for XRP, Brad Garlinghouse, the Chief Executive Officer of closely related blockchain payments firm Ripple, suggested.
As Germany’s bitcoin sales are behind, crypto investors mull how much of the $9 billion bitcoin about to be distributed to creditors will be dumped on the market to capitalise on the asset’s appreciation after ten years of waiting.
Ki Young Ju, CEO of crypto analytics company CryptoQuant, argued that concerns over the sell pressure is “overestimated” and will not derail the crypto rally underway.
I believe this distribution won’t end the bullish trend, as the coins are expected to react to market sentiment similarly to the existing bitcoin supply, he said in an X post. Unlike the German government selling, Mt. Gox creditors are not forced to sell, so it is not purely sell-side liquidity.
