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OKEx Crypto Market Daily: The cryptocurrency market ascended along with the equity markets. The total crypto market capitalization recovered 4.8% and now sits at $344 billion. The price of BTC surged 2.87% and made a temporary break above the short-term threshold of $10,370, as per OKEx’s BTC Index price.
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Last Time This Bitcoin Statistic Hit A New High, BTC Surged 3.5x—And It’s Back
The so-called “HODLwave” of Bitcoin has hit a new all-time high. The metric indicates the amount of unmoved BTC on the blockchain in the past 12 months. It typically suggests that investors are increasingly accumulating the dominant cryptocurrency.
Researchers at Cryptowatch, a crypto market data company owned by U.S. exchange Kraken, wrote:
“Bitcoin’s 1-year HODL wave—BTC unmoved on the blockchain over the last 365 days—has hit a new all-time high of 63%. Bitcoin’s HODL wave is up 1% since the start of July.”
Bitcoin was little changed at around $11,000 with lower spot volumes as traders eye growth in the market for ether futures.
Bitcoin (BTC) trading around $11,142 as of 20:00 UTC (4 p.m. ET). Slipping 0.90% over the previous 24 hours.
Bitcoin’s 24-hour range: $10,811-$11,348
BTC above 10-day and 50-day moving averages, a bullish signal for market technicians.
Bitcoin Held by Exchanges Drops to 2019 Bull-Run Levels, Demand Rising
Bitcoin balances on major exchanges drop to levels not seen since last summer’s bull run as demand and BTC price are on the rise.
As July comes to a close, the amount of Bitcoin (BTC) held by major cryptocurrency exchanges has reached its lowest level since late May 2019. At that time, Bitcoin’s price was around $8,000 before continuing toward its 2019 high of $12,967 on July 11, 2019.
Roughly 10% of Bitcoin held by exchanges
The Bitcoin balance held by major exchanges has been dropping significantly since mid-March 2020 following the Black Thursday crash on March 12 and subsequent recovery.
There are 2.64 million BTC collectively held on exchanges as of July 29, according to data from Glassnode, a market and on-chain analytics resource. Meanwhile, Bitcoin’s price continues to climb and recently hitting a yearly high of $11,400
Novogratz: Global 'Liquidity Pump' Will Keep Bitcoin Rising, Price to Hit $20K This Year
Billionaire investor Michael Novogratz said global “liquidity pump” from stimulus packages will keep driving bitcoin’s price higher. He expects the price of bitcoin to reach $20,000 this year, fueled by retail investors shifting to the cryptocurrency.
Mike Novogratz’s Bitcoin Prediction
Galaxy Digital CEO Michael Novogratz said on Tuesday that bitcoin and gold have more room to grow and will continue to rise due to global “liquidity pump,” afforded by governments’ stimulus packages, coupled with an influx of retail investors.
“The liquidity story isn’t going to go away. We’re going to get a big stimulus,” the billionaire investor told CNBC, adding that “it doesn’t look like the Federal Reserve is going to raise rates.” After the CARES Act, the $2.2 trillion coronavirus aid stimulus package which President Donald Trump signed into law in March, Republicans and Democrats have both proposed further stimulus packages. The Democrats proposed the $3 trillion HEROES Act while the Republicans introduced the $1 trillion HEALS Act on Monday.
China Didn’t Ban Bitcoin Entirely, Says Beijing Arbitration Commission
Bitcoin-related activities are not prohibited by the Chinese government as the cryptocurrency acts as a virtual commodity.
China, one of the world’s most strict jurisdictions for cryptocurrency trading, has not completely banned Bitcoin (BTC), a local non-profit arbitration organization says.
According to a July 30 report published by the Beijing Arbitration Commission (BAC), China's prohibition of Bitcoin is more nuanced than some have suggested.