Crypto:
30336
Bitcoin:
$64.997
% 0.08
BTC Dominance:
%54.2
% 0.09
Market Cap:
$2.37 T
% 0.16
Fear & Greed:
60 / 100
Bitcoin:
$ 64.997
BTC Dominance:
% 54.2
Market Cap:
$2.37 T

Bitcoin Dips Below $70K After Brief Surge

Bitcoin

After just momentarily crossing the $70,000 milestone late Monday, Bitcoin (BTC) dropped to $69,200 early Tuesday under profit-taking. Price action across several big tokens was conflicting.

Reflecting market risk, BTC values followed more general U.S. stock markets. Some meme stocks and tokens rose more than 100% following the purported return of powerful equity trader Keith Gill.

Blockchain exchange According to Bitfinex’s Monday report, long-term holders selling most certainly caused bitcoin’s downturn since March. Blockchain data, however, indicates that the trend has stopped and investors are buying Bitcoin.

According to a Tuesday study sent to CoinDesk by on-chain analysis company CryptoQuant, 50% of the long-term bitcoin supply remained “inactive,” meaning no movements or changes in ownership among tracked wallets. This is regarded as evidence of strong long-term conviction, which would suggest more price increases.

Given this, the general opinion on bitcoin’s ongoing expansion is still “stubbornly optimistic,” as Singapore-based QCP Capital notes rising trading activity.

“The market remains stubbornly bullish in spite of negative headlines about Mt. Goxin and the DMM hack last week; BTC rallied confidently above $69,000 in Asia, QCP said in a broadcast message late Monday. This optimism is probably going to persist while the market waits for the ETH spot ETF to create fresh demand.”

“Another reason for persistent bullishness is speculators increasing long positions in other crypto majors in anticipation of additional spot ETF approvals in the near future,” the company stated.

While Cardano’s ADA and Solana’s SOL surged by as much as 3%, elsewhere ether (ETH) and dogecoin (DOGE) saw little losses. Rising 0.41% over the past 24 hours is CoinDesk 20 (CD20), a broad-based index of the biggest and least stablecoins.

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Among other bigger tokens with a market value exceeding $1 billion, synthetic dollar project Ethena’s ENA coins climbed more than 10%, while dog-themed floki (FLOKI).

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