Analysis News

Bitcoin (BTC): escape attempt from winter to summer

The fall of Bitcoin below $ 7300 and a return to $ 8K again caused controversial reactions. Part of the traders expect the fall again to $ 7,100 and to open new long positions. Others say crypto winter is over.

Step left, step right

The Bitcoin chart for the last week reminds of the brutal statements of the GULAG guards with which they frightened their victims:

– Step left, step right is considered an escape! Jump on spot is a provocation!

The provocation happened last weekend, May 17-19. Many consider the return to the uptrend to be natural. And this is despite the fact that the eternal enemy of bitcoin, JP Morgan, repeated its attack against crypto, the statement of its research unit: Participation by financial institutions in Bitcoin trading appears to be fading.

There are other data and other researchers. The founder of Fundstrat Global, a well-known optimist Thomas Lee, said that the recent Consensus conference fully confirmed: the winter in crypto market is over.

Thomas Lee lists 13 events that are backing this.

The main from the list:

  • In January, the daily balance of transactions in the Bitcoin blockchain became positive for the first time YoY;
  • In April, OTC volumes surging, new customers appeared on OTC platforms. Growth 60-70% since the beginning of the year, many accounts are re-accumulating bitcoin.
  • May 1 – stable market reaction to the scandal with Bitfinex and Tether, when the Prosecutor General of New York accused the exchange of losing $ 850M due to third-party actions (Crypto Capital).

Thomas Lee serenely summarizes: Crypto winter is over!

The time for alts?

Meanwhile, Ethereum does not repeat the strange charts of the Corn, as it happened before. But it demonstrates a rather independent dynamic. According to the leading US crypto exchange Coinbase, trading volume for the week from May 13 to May 19 was 3,675,570 ETH, or about $ 904 M. Thus, ETH set a record for 17 months.

The final opinion is that the attempt to escape from the crypto winter was a success. And for alts, it was even better than for the Corn.

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