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What happened when the price of the cryptocurrency rose above $ 9000 and who bought it during growth, said analyst Joseph Young
When the bitcoin price rose above $ 9000, a record volume of transactions was recorded for the sale of the first cryptocurrency on some OTC services designed for over-the-counter trading. This suggests that investors began to take profit, analyst Joseph Young said. He called this one of the reasons why BTC could become cheaper in the near future, Forbes reports.
The expert noted that seller pressure has also increased in the crypto derivatives market. A group of orders has been formed to sell Bitcoin futures contracts on the OKEx trading platform. It also increases the likelihood of a short-term drop in asset prices, Young suggested.
He added that in the past three days, major trading floors like Binance and Coinbase have shown record volumes of business. This suggests that the current rise in the price of bitcoin was caused by actual demand from retail investors, and not as a result of manipulation, the analyst emphasized.
Since yesterday, the Bitcoin exchange rate has increased from $ 8,000 to $ 9,400. The reason for this growth, the head of the BitMEX exchange believes in the speech of the president of the United States Federal Reserve, Jerome Powell. During a press conference, he urged lawmakers to pass new fiscal stimulus measures to speed up the recovery process after the end of the coronavirus pandemic.
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