[코인리더스] Bitcoin under $60,000… Gain realization and influence of India regulation

The world’s first and largest cryptocurrency (virtual asset) Bitcoin (BTC) has soared to around $62,000 since it surpassed $60,000 for the first time on the weekend, but turned to a decline on the 15th (Korean time) and reached the $57,000 level in the intraday. Prices have retreated.

As investors began to buy bitcoin to prepare for inflation concerns and US stimulus spending, the price of bitcoin exceeded $60,000, but afterwards, profit-taking sales were withdrawn and reports of the promotion of a bill to ban cryptocurrency in India came out, leading to investor sentiment. It is shrinking and prices are on the decline.

As of 5:35 pm on the day, the market capitalization of Bitcoin (BTC), the No. 1 cryptocurrency in CoinMarket Cap, is recording about $57,913, down 4.78% from 24 hours ago. The market capitalization is about $ 1.84 trillion.

Regarding the Bitcoin price outlook, BeinCrypto, a cryptocurrency media outlet, said, “Bitcoin broke an all-time high at $61,781 on the 13th (local time), but it is currently weak and is testing the support lines of $58,000 and $54,550.” There may be a downtrend, but key trend indicators such as the Moving Average Convergence and Diffusion Index (MACD) and Stochastic Oscillator are showing strong strength, allowing the rally to resume from the potential target price of $66,500 to $72,300.” Expected.

In addition,’JIn’s Crypto’, an analyst specializing in Coinness, said, “Bitcoin failed to win $60,000. In the process of Bitcoin rebounding and falling back, the transaction volume decreased, and funds were net outflow to Tether (USDT) and USD. This means that investors started to cash in on short-term cash, which means that selling sentiment is dominant,” he said. “At the moment, risk control is the top priority,” he advised.

In this regard, Cryptoquant CEO Joo Ji-young said through his Twitter that “if the buying trend continues to come from stablecoins, it will not be good for the bull market” and “if the stablecoins in the exchange are depleted, the uptrend will end.” .

Meanwhile, Reuters reported that the Indian government is considering a strong ban on cryptocurrency, citing a source. A well-known senior official said, “This bill will make the holding, issuance, mining, trading, and transfer of cryptocurrencies illegal.” He added that “the cryptocurrency holders are given time to liquidate up to six months, and a fine will be imposed thereafter.”

In response, Seth Melamed, Chief Operating Officer of Liquid, a cryptocurrency exchange based in Tokyo, said, “Since cryptocurrency is decentralized, it is somewhat irrelevant to government bans or acceptance.”