Bitcoin (BTC) was drifting at its slightly improved levels of $6,791.52 on Tuesday evening, when in just 40 minutes the prices changed dramatically, sending the coin “back to the moon”. BTC suddenly appreciated by $600, up to $7,386,32, and continues the upward drive.
!Bitcoin!
BTC reached $7,453.27 as of 3:00 UTC, a net rise of 10% in the past 24 hours, and growing more than 16% net in the past seven days. A sudden uptick in volumes saw trading suddenly pick up, to $6.2 billion in 24 hours.
According to data from Cryptocompare, one of the reasons for the dramatic rise may be the return of Japanese Yen investors, who now make up more than 51% of BTC trading volume. The share of Tether (USDT) trading is now relatively lower at 29%, though on low-volume days it made up to half the BTC volumes. However, data from CoinMarketCap also show that Binance holds up the most active BTC pair, making up more than 6% of total volumes in the BTC/USDT pairing.
An increase of 100 million USDT tokens was added to the circulating supply on July 12. A few days later, USDT had a price anomaly where it sank to $0.97. Later, the BTC price spike arrived, making skeptics once again accuse the concerted printing of USDT for those sudden BTC price movements. The total supply of USDT is now above 3 billion tokens, with 2.7 billion in circulation, up from 2.6 billion before the July 12 increase.
This time, the rapid price movement even made Nouriel Roubini tweet to note the effect of Tethers, though his opinions were dismissed by the crypto community:
https://twitter.com/Nouriel/status/1019371606550941696
The sudden spike in prices once again raised expectations the price reversal may continue:
https://twitter.com/Bleeding_Crypto/status/1019295462812147713
Traders noted that BTC started its rapid climb a year ago around July 17, but there is no guarantee the same scenario is expected now. Some even expect to see the price of BTC bottoming out again, and the current levels to be just short-term fluctuation, or an attempt to manipulate the market.
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This article appeared first on Cryptovest
