5 Reasons Why Bitcoin (BTC) is Recovering in July
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Bitcoin (BTC) still managed to add $500 within days, showing that falling through the $5,800 level is delayed, at least in the short term. BTC saw enough optimism over the weekend to recover the $6,300 level. Here are five reasons BTC is showing price strength:
Tethers Coming Back: USDT pairings have always affected Bitcoin. However, lately, funds either withdrew to USDT and stayed there, or the dollar-pegged tokens moved to support altcoins and promising project tokens. But now, USDT is back with a vengeance. Habitually around 14-17%, the influence of USDT widened over the weekend to more than 30%. Since most of Bitcoin trading is still happening on Bittrex, the support for Bitcoin looks almost like a concerted effort. True, no new USDT were printed – but it is also possible a USDT whale may have supported the leading asset. At this time last year, BTC was still below $5,000 and levels above $6,000 were seen as exceptional.
Original story: https://cryptovest.com/news/5-reasons-why-bitcoin-btc-is-recovering-in-july/
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