U.Today – According to CryptoQuant CEO Ki Young Ju, it has won all the “FUD” this year. FUD means fear, uncertainty and doubt. The remarks come as the market has successfully absorbed significant selling pressure from two major events: the sale of Bitcoin on Mt.Gox and the sale of confiscated BTC by the German government.
In January, German officials announced they had seized nearly 50,000 bitcoins, or about $2 billion, that the suspect voluntarily turned over to the government amid allegations of commercial, unauthorized operate of copyrighted works and commercial money laundering. The decision to auction confiscated Bitcoin sparked concerns that affected the price of BTC.
Similarly, the same speculations emerged when Mt.Gox announced plans to repay thousands of customers in BTC worth around $9 billion. It was expected that Mt.Gox customers would be willing to sell some of their Bitcoins to benefit from the cryptocurrency’s lightning-fast profits.
In his tweet, CryptoQuant’s CEO referenced an earlier tweet from around July that noted “the frightening amount of Bitcoin sell-side liquidity from Mt.Gox.”
In response to this tweet, Ju commented that Bitcoin won all FUD this year as the market absorbed BTC sales from Mt.Gox and German BTC with minimal impact as the data predicted. In July, the German government sent its last Bitcoin, ending a multibillion-dollar sale that had been the subject of market speculation.
Bitcoin on track for one of September’s biggest increases
Bitcoin is on track for one of September’s best gains as a global wave of interest rate cuts, led by the U.S. Federal Reserve, helps the largest digital asset overcome a seasonal slump.
Bitcoin is up almost 11% this month, compared with an average loss of 5.9% in September over the past decade.
In September, the Federal Reserve, the European Central Bank and the People’s Bank of China cut borrowing costs to boost economic development.
At the time of writing, BTC is up 1.76% in the last 24 hours to $65,434 after hitting highs of $66,000 during Friday’s trading session. BTC grows by 4.39% weekly. It rose 56% in 2024 thanks to inflows into U.S.-listed Bitcoin funds, but is still below the March record of $73,798.
