The era of the "great accumulation of bitcoins" has begun – industry experts
Date: 2023-06-23 Author: Karina Ziganova Categories: BLOCKCHAIN
Sentiment in the cryptocurrency market has changed dramatically this month, triggering the beginning of the accumulation phase. From a state of extreme fear and despondency, the market moved to euphoria when BTC again exceeded the $30,000 mark
On June 21, the bitcoin (BTC) rate reached a two-month high, breaking the psychological mark of $30,000. The big rebound comes just a couple of weeks after a massive crackdown by U.S. financial regulators.
The race for bitcoins
Crypto industry experts and influencers reacted quickly to the latest wave of positive market sentiment.
Gemini co-founder Cameron Winklevoss tweeted that the mood in the bitcoin and cryptocurrency markets has changed dramatically to euphoria.
"The great accumulation of bitcoin has begun. Anyone who follows the flurry of applications for ETFs understands that the window to buy bitcoin before the IPO, before the ETF funds are launched and the floodgates open, is closing quickly," he said.
Bitcoin pioneer and entrepreneur Anthony Pompliano expressed the same opinion in an interview with CNBC, comparing the great race for space exploration with what is happening now in the crypto space. He also used the expression "the great accumulation of bitcoin."
"Institutions and individuals are all trying to get their share of the 21 million bitcoins that will ever exist."
Pompliano added that retail investors had a head start and accumulated all the BTC that had been issued so far. At the same time, he noted that 68% of all bitcoins in circulation did not move during the year.
According to Pompliano, Wall Street is now showing high interest in crypto assets, but BTC hodlers are reluctant to sell coins to them.
"When you have an illiquid asset with a fixed supply volume, and there is a lot of demand in the market, the price should rise," he added.
The race for BTC funds
Over the past week, several financial industry heavyweights have applied to create exchange-traded BTC funds. Among them is the world's largest asset manager, BlackRock. However, the Securities and Exchange Commission (SEC) has yet to approve the launch of such a product.
Many leading industry analysts believe that the SEC's crackdown on exchanges such as Binance, Coinbase and Kraken is part of a big game that will put control of cryptocurrencies in the hands of Wall Street.
During the day, the price of bitcoin increased by 5%. At the time of writing, BTC was trading around $30,200.
Since the SEC sued Binance and Coinbase this month, bitcoin has risen in price by 21%. On June 15, it fell below $25,000, but quickly returned to its highest levels since mid-April.
