U.Today

According to CryptoQuant CEO Ki Young Ju, Bitcoin has overcome all the “FUD” (fear, uncertainty and doubt) this year. This statement comes after the market successfully absorbed significant selling pressure from two major events: the Mt. Gox Bitcoin sales and the sale of confiscated BTC by the German government.

In January, German officials announced the seizure of almost 50,000 Bitcoin, worth roughly $2 billion, from a suspect accused of commercial money laundering and unauthorized use of copyrighted works. The plan to auction off this confiscated Bitcoin raised concerns about its potential impact on BTC’s price.

Likewise, speculation surged when Mt. Gox revealed plans to repay customers nearly $9 billion worth of BTC, leading to fears that customers might sell their Bitcoin to capitalize on the cryptocurrency’s remarkable gains.

Ju referenced an earlier tweet from July, highlighting the “scary size of Bitcoin sell-side liquidity from Mt. Gox.” In a follow-up tweet, he stated that Bitcoin had successfully navigated the FUD this year, absorbing the market effects of the Mt. Gox and German BTC sales with minimal impact, as data had indicated. Notably, in July, the German government concluded its Bitcoin sales, which had been the center of market speculation.

Bitcoin on Course for Major September Gains

Bitcoin is on track for one of its most significant September gains as a global interest-rate cut wave, led by the U.S. Federal Reserve, helps the largest digital asset to overcome previous seasonal declines.

This month, Bitcoin has increased by nearly 11%, contrasting with the average 5.9% loss usually seen in September over the past decade.

In September, the Federal Reserve, the European Central Bank, and the People’s Bank of China all lowered borrowing costs to stimulate economic growth.

At present, BTC is up 1.76% in the last 24 hours, priced at $65,434, after reaching highs of $66,000 in Friday’s trading session. It has increased 4.39% weekly, and is up 56% in 2024, buoyed by inflows into U.S. Bitcoin exchange-traded funds, although it still remains below its record of $73,798 in March.

This article was originally published on U.Today