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'Bitcoin Won FUD,' CryptoQuant CEO Speaks on BTC Price Action

Published 09/27/2024, 10:40 AM
Updated 09/27/2024, 02:00 PM
© Reuters.  \'Bitcoin Won FUD,\' CryptoQuant CEO Speaks on BTC Price Action
BTC/USD
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U.Today - According to CryptoQuant CEO Ki Young Ju, Bitcoin won all the "FUD" this year. FUD stands for fear, uncertainty and doubt. The remarks come as the market successfully absorbed significant selling pressure from two major events: Mt. Gox Bitcoin sales and the sale of confiscated BTC by the German government.

In January, German officials announced that they had secured almost 50,000 Bitcoin, or roughly $2 billion, which a suspect voluntarily transferred to the government amid allegations of commercial, unauthorized use of copyrighted works, and commercial money laundering. The decision to auction off the confiscated Bitcoin sparked concerns that impacted BTC's price.

Similarly, the same speculation arose when Mt. Gox announced plans to repay thousands of customers roughly $9 billion worth of BTC. The expectation was that Mt. Gox customers might be inclined to sell some of their Bitcoin to profit from meteoric gains for the cryptocurrency.

In his tweet, the CryptoQuant CEO referred to an earlier tweet from about July, which noted the "scary size of Bitcoin sell-side liquidity from Mt.Gox."

In a follow-up to this tweet, Ju commented that Bitcoin had won all the FUD this year as the market absorbed Mt. Gox's and German BTC selling with minimal impact, as data predicted. In July, the German government sent out its last Bitcoin, ending billions of dollars in sales that were the subject of market speculation.

Bitcoin on course for one of its biggest September gains

Bitcoin is on track for one of its best September increases as a global wave of interest-rate cuts, led by the U.S. Federal Reserve, aids the largest digital asset in overcoming a seasonal jinx.

Bitcoin is up nearly 11% this month, compared to an average 5.9% loss in September over the last decade.

In September, the Federal Reserve, the European Central Bank and the People's Bank of China all slashed borrowing costs to stimulate economic development.

At the time of writing, BTC was up 1.76% in the last 24 hours to $65,434 after touching highs of $66,000 in Friday's trading session. BTC is up 4.39% weekly. It is up 56% in 2024, thanks to inflows into U.S. Bitcoin exchange-traded funds, but it is still lower than the March record of $73,798.

This article was originally published on U.Today

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