The Bitcoin price fell sharply again on January 8, and the bears appear to be slowly gaining control of the market. This week, Bitcoin took a hit after we suddenly got strong data from the US labor market. Fortunately, popular analyst Miles Deutcher also sees positive developments for Bitcoin under the hood.
Liquidity in the crypto ecosystem is increasing
Miles Deutcher says that the amount of stablecoins in circulation has increased and is in a “price discovery” phase.
That would mean more liquidity available in the crypto ecosystem. An increase in the supply of stablecoins indicates that we may expect greater capital inflows in the coming months.
Real Vision Crypto chief analyst Jamie Coutts is also positive about the markets. He is optimistic about the power of Bitcoin.
According to him, the strong US dollar could also have yielded a Bitcoin price of $80,000. The fact that we are currently still trading above $90,000 is quite an achievement in that respect.
American investors are waking up
This cycle really seems to be becoming the Bitcoin cycle of the United States.
Roman Zinovyev sees that dollar volumes during the US session on Binance’s spot markets have increased dramatically from September. This year, the US market share has risen to an all-time high of 42%.
That in itself is no surprise, because Bitcoin is of course doing well in the United States. Donald Trump may come up with a national Bitcoin reserve, and more and more companies are switching to the Bitcoin standard.
In terms of adoption, Bitcoin has nothing to complain about in the United States. Price-wise, things could be better, but corrections are just part of a bull market.
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Source: https://newsbit.nl/gaat-de-bitcoin-koers-wederom-crashen/
