Cryptocurrency A to Z
Mount Gox Repayment Begins This Month
US and Germany Government Selling Pressure
Experts Say “More Downward Pressure”
Possibility of Bullish Trend if ‘Pro-Coin’ Trump is Elected, ‘Bitcoin seems to be struggling to break free from the downtrend that started in early June. There are conflicting views among experts on whether Bitcoin will rebound in the third quarter of this year.’,
,
, ‘Bitcoin broke above $70,000 on June 6 but has been on a continued downtrend since then. Recently, it dropped by around 20% in a month, bringing the price down to below $57,000. Most of the gains that were triggered by the Bitcoin ETF listing earlier this year have been given back.’,
,
, ‘Experts’ outlook on Bitcoin is divided. Those predicting a decline point to ‘supply glut’ as the main reason. The impending repayment of the infamous Mount Gox is seen as a major negative factor in the cryptocurrency market. QCP Capital, a cryptocurrency trading firm, predicted a bearish trend in the third quarter due to the selling pressure from Mount Gox repayment and market uncertainty in July. Additionally, concerns are raised over the selling pressure from the governments of Germany and the US holding Bitcoin. Shi Liang Tang, CEO of Arvella Market, stated, “New capital inflows into the cryptocurrency market have been limited recently,” and “It is indeed challenging to absorb the Mount Gox repayment volume and government selling pressures.”’,
,
, ‘On the other hand, there is optimism that Bitcoin could return to a bullish trend in the third quarter. Jeffrey Kendrick, Head of Digital Asset Research at Standard Chartered (SC), argued, “If Joe Biden’s decision to run for the US President is confirmed, Bitcoin could hit a new all-time high next month.” The reasoning behind this is the increased possibility of the election of Donald Trump, the former US president, who has shifted to being a pro-cryptocurrency advocate, especially after Biden’s perceived weak performance in a recent TV debate.’,
,
,