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While crypto assets have been affected by volatility in global markets, expectations for the Federal Reserve’s interest rate policy remain closely watched by investors.
Although Bitcoin has been boosted by rising expectations of rate cuts, it is facing selling pressure due to uncertainty over U.S. regulation and the mobilization of a large number of “sleeping” Bitcoins.
In light of these developments, the leading crypto asset is struggling to maintain its position above $60,000 for the long term. However, it is still far from the peak of $74,000 reached in March.
Market developments are monitored
Bitcoin gained momentum this week as expectations of a rate cut in the U.S. increased and risk sentiment improved. However, it also faced downward pressure due to increased uncertainty about the regulatory outlook for crypto assets in the U.S.
According to a report by analysts at Glassnode, a data provider at CoinTR Research, despite market uncertainty, large wallet holders tend to accumulate. This has relieved the market that is afraid of selling.
The recent $2 billion Bitcoin transfer from the Mt. Gox cryptocurrency exchange, which went bankrupt a few years ago, is another development affecting Bitcoin. The exchange went bankrupt in 2014 and is said to have moved $2 billion worth of Bitcoin to new addresses.
Selling pressure on Bitcoin is expected to increase as exchanges return assets stolen from customers during the 2014 attack.
Crypto Market Updates
Following these developments, Bitcoin is up 4.5% to $61,285 as of 13.30 today, recouping significant losses incurred during last week’s market chaos.
However, the leading crypto asset is still far from the $74,000 peak reached in March. The price even fell below $50,000 a few weeks ago.
Ethereum, the second-largest cryptocurrency by market cap, has risen nearly 5% in the past 24 hours to $300,507.
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