 ▲ Bitcoin (BTC) ©Coin Leaders |
Cryptocurrency leader Bitcoin (BTC) is trading around $63,000 on the 2nd (Korean time).
Bitcoin rebounded by about 2% in July, rising to a high of $63,777.23.
Cointelegraph said that based on historical data, Bitcoin could rebound strongly in July.
According to Coinglass, which has been tracking Bitcoin's monthly rise since 2013, if Bitcoin fell in June, it rose by an average of 7.42% in July.
Bitcoin spot ETF net inflow is also positive for the BTC price.
Eric Balchunas, a Bloomberg ETF analyst, said through “I was surprised to see net inflows continuing for several months, with year-to-date (YTD) net inflows remaining stable at $14.6 billion during the adjustment phase, which is a good sign.”
However, the repayment of 140,000 BTC by Mt. Gox and the selling tax of government agencies such as Germany are bad news as they may pull down the price of Bitcoin.
The U.S. CNBC broadcast reported on the 1st (local time) that Mt. Gox, which was headquartered in Tokyo, Japan, would begin returning this amount of Bitcoin to thousands of customers within a few days.
Mt. Gox, once the world's largest Bitcoin exchange, collapsed in 2014 when it was revealed that up to 950,000 Bitcoins had been hacked, so this return will be the first in about 10 years.
This is good news for hacking victims who have been waiting for a long time for their return, but it may be a burden on the Bitcoin price.
Meanwhile, according to CNBC, CCData, a cryptocurrency research company, predicted in a recent report, "Bitcoin has not yet reached the peak of the current cycle, and is likely to break its all-time high this year."
The report said, “BTC halvings were accompanied by asset class maturation and reduced volatility, often creating longer bull cycles than before. Based on analysis of past halvings, the current cycle is expected to extend until 2025. As the number of institutional participants increases, there is a difference from the past, and the sideways trend due to low trading volume may continue into the third quarter. However, this sideways trend is expected to be temporary, and as the parabolic pattern has not yet appeared, there is a high possibility that it will hit its highest point within the year. “It is,” he explained.
