Why is Bitcoin price up today?
Strong Bitcoin ETF inflows, coupled with increasing bets on the September rate cut, have boosted BTC’s price upward today.
Bitcoin (BTC) rebounded by 6.40% on July 6, reaching $56,975, after hitting a five-month low the previous day. This recovery indicates that traders are beginning to overcome the bearish effects of Mt. Gox’s $8 billion BTC reimbursement and the recent BTC selloffs by the U.S. and German governments.
Over the past 24 hours, top crypto analysts and influencers have been working to downplay the impact of Mt. Gox and the BTC selloffs by the German and U.S. governments on Bitcoin’s long-term bullish outlook.
That includes Ki Young Ju, founder and CEO of on-chain analytics platform CryptoQuant, who reminded traders that the governments had control over $8 billion worth of BTC, which is merely 4% of the total $225 billion that has flown into the Bitcoin market since 2023.
Strong Bitcoin ETF inflows, coupled with increasing bets on the September rate cut, have boosted BTC’s price upward today.
Bitcoin (BTC) rebounded by 6.40% on July 6, reaching $56,975, after hitting a five-month low the previous day. This recovery indicates that traders are beginning to overcome the bearish effects of Mt. Gox’s $8 billion BTC reimbursement and the recent BTC selloffs by the U.S. and German governments.Over the past 24 hours, top crypto analysts and influencers have been working to downplay the impact of Mt. Gox and the BTC selloffs by the German and U.S. governments on Bitcoin’s long-term bullish outlook.That includes Ki Young Ju, founder and CEO of on-chain analytics platform CryptoQuant, who reminded traders that the governments had control over $8 billion worth of BTC, which is merely 4% of the total $225 billion that has flown into the Bitcoin market since 2023.Read more