Bitcoin breaks through $62,000! QCP Capital: Two major reasons support BTC holding on to 60,000
- WBOYOriginal
- 2024-06-28 14:46:17363browse
Bitcoin tried to break through the $62,000 mark several times yesterday evening and is currently trading at $62,066, with a 24-hour increase of 1.53%. Investors are closely watching whether the upward momentum can be sustained.
- QCP Capital: Bitcoin will hold $60,000 support
Digital asset trading firm QCP Capital says Bitcoin will hold $60,000 despite the U.S. government transferring $240 million worth of Bitcoin Support level. The reasons are as follows:
German government slows down BTC sell-off
According to Arkham data, German government-related wallets have had multiple Bitcoin transfers to exchanges:
- June 19: 1,110 Bitcoins
- June 25th: 400 Bitcoins
- June 26th: 250 Bitcoins
QCP Capital believes that the number of Bitcoins transferred by the German government to exchanges is gradually decreasing, indicating that the sell-off plan may be nearing an end.
Addition: The wallet still holds 45,264 Bitcoins worth approximately $2.76 billion.
- Bitcoin spot ETF ended 7 consecutive days of net outflows
According to SoSoValue data, the Bitcoin spot ETF showed net inflows on June 25 and 26 after 7 consecutive days of net outflows. QCP Capital believes that this indicates that Bitcoin prices are stabilizing.
Analyst: Mt. Gox selling pressure will be less than expected
On the other hand, in response to the negative event that Mt. Gox announced that it will repay customers Bitcoin in July, Galaxy Research Director Alex Thorn posted a comment on X on the 24th. He believes that the eventual selling pressure on Bitcoin triggered by Mt. Gox will be smaller than expected.
He explained that since nearly 75% of creditors choose Earlypayout (subject to accepting 10% impairment), there will currently only be about 95,000 Bitcoins used for early payment of compensation (the remaining BTC will take longer) Only paid):
- About 20,000 tokens belong to the claim fund
- 10,000 tokens belong to BitcoinicaBK
- The remaining approximately 65,000 tokens are owed to individual creditors
And he expects that individual creditors will be more than The market expects more insistence on holding Bitcoin:
- Creditors are mainly long-term Bitcoin holders. They are technology-savvy early adopters.
- Individual creditors have rejected attractive offers from claims funds over the years, suggesting they want their Bitcoin back rather than compensation denominated in US dollars.
- The capital gains tax implications of a sale will be significant. Even though only 15% of physical claims have been recovered as prices have risen, claim holders have gained 140x (in USD) on the Bitcoin they recovered since the bankruptcy.
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