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Bitcoin Today 10/10/2024: US and China could bring down the price of BTC and Ethereum
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Although it is still speculation, the possible sale of Silk Road’s Bitcoins (BTC) in the United States contributed to the cryptocurrency‘s sharp fall. According to CoinGecko, BTC opened the day worth US$61,030, a drop of 1.6% in the last 24 hours.
With this devaluation, BTC has accumulated an increase of just 0.5% in the last seven days. But according to Fernando Pereira, an analyst at Bitget, selling pressure is already weakening. This way, investors can find good buying opportunities in the support areas between $60,000 and $61,000.
“The formation of rising tops and bottoms strengthens the prospect of a positive trend in the short term, and short-term investors are confident and continue to accumulate,” the analyst explained. However, the market remains within a lateralization zone.
Even with the positive signs, Pereira highlights that it is prudent to protect gains and pay attention to the main support and resistance levels, since MVRV, which is a metric that compares the market capitalization (Market Value) of an asset with its realized capitalization (Realized Value), is close to a historical profit-taking zone.
Pressure on Bitcoin and Ethereum
The entire Top 10 opened the day lower, highlighted by the 2.4% drop in BNB and the 1.4% drop in Ethereum (ETH), whose price fell to US$2,393. And just as US risk threatens Bitcoin, ETH could face a wave of selling from another major power: China.
The Chinese government appears to be preparing for a massive sell-off of 7,000 ETH, according to data from researcher “FreeSamourai”. These are the last ETH that China has from the seizure of cryptocurrencies from the PlusToken pyramid scheme.
This Thursday (10), FreeSamourai published on X, which has been released in Brazil since Wednesday (09), that the Chinese government sent around 7,000 ETH to exchanges. At the current price, the value corresponds to around US$ 1.3 billion.
The analyst highlighted that this movement indicates “the intention to start selling the remaining tokens”, but there is no confirmation of sales by the Chinese government.
Such a sell-off could put substantial downward pressure on ETH. However, China already sold much of this stock in August, the first time these PlusToken cryptocurrencies have entered exchanges since 2021.
As Todaysgist reported, China carried out a mass seizure of several cryptocurrencies linked to the scheme in 2023. The values were 190,000 BTC, 830,000 Ethereum (ETH) and 27.24 million EOS. Considered the largest pyramid scheme in history, PlusToken allegedly stole more than 300,000 BTC before collapsing in 2020.
Bitcoin Today 10/10/2024: US and China could bring down the price of BTC and Ethereum
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Bitcoin Today 10/10/2024: US and China could bring down the price of BTC and Ethereum