Bitcoin Didn’t Just Weather Last Week’s Storm, It Thrived in It!

TL;DR

• Final week the German authorities bought $2.2B price of long-held Bitcoin, and costs really went up (?) beginning the week at ~$55k, and ended it at ~$60k (a ~$100B enhance in market cap).

Full Story

You recognize that scene in Pulp Fiction the place Vincent and Jules get shot at level clean and by some miracle not a single bullet hits them?

Watching the crypto markets this previous week has felt akin to that.

(You thought we have been about to guide in to a Trump story, didn’t you? Nicely, we weren’t. That’s the following article).

All through final week the German authorities flooded the market with $2.2B price of long-held Bitcoin — at what was probably the worst time to do it, after BTC had bled out to $54k (the bottom it had been since Feb).

…however someway, Bitcoin got here out unscathed.

In truth, higher than unscathed! It began the week at ~$55k, and ended it at ~$60k (that’s a complete enhance of ~$100B in market cap).

Right here’s why that is making us optimistic in regards to the coming months:

The summer season months often result in lulls in buying and selling quantity and worth appreciation, which makes markets notably vulnerable to bigger than common worth dips when massive promote offs occur.

(There aren’t sufficient consumers to soak up the brand new provide of BTC, so the value dips to entice gross sales).

We simply noticed a really public and concentrated unload in the midst of summer season, and we got here out the opposite facet higher for it.

Simply think about what may occur when everyone seems to be again from summer season break, able to buy-in to the top of 12 months frenzy!