Bitcoin is rising – SEC does not ban crypto

Bitcoin’s price growth makes the crypto market more exciting. Bitcoin price is still hanging over $ 54,000. Most altcoins, especially top coins, are still moving sideways or rising slightly. Some of the strong winners mentioned were SHIB, which is up more than 300% over the past week.

Previously, data on CryptoQuant showed there was an account buying BTC on the regular exchange at market price worth more than $ 1.6 billion. Many theories have been put forward to explain why large amounts of BTC are bought on regular exchanges rather than OTC exchanges. Some argue that this is how whales create a fomo in the market that drives prices up. Or the OTC floor does not have enough BTC supply for this amount. However, this is only a theory and the real purpose or reason for it has not been determined.

At the same time, the Coinbase Premium Index also rose. Pressure to buy on Coinbase Pro, a specialized exchange for large financial institutions, to buy crypto. This index rises because the price on Coinbase is higher than the price on Binance.

From the above data, many investors assume that the large purchasing power on the regular exchanges is the reason why BTC price rises above the $ 55,000 mark. At the same time, there are signs that whales are buying on Coinbase.

On-chain situation

The Bitcoin win rate has now reached 93.59%. With the higher BTC win rate, investors need to prepare psychologically, there may be some BTC profit and the market will correct.

BTC’s NUPL is 0.61 and is still in the green, safe area. If the NUPL rises to 0.75 and above, investors should be careful as it is a sign of the top of the cycle.

The stable amount of copper on the exchanges after a certain period of pulling up has now decreased. Perhaps this stable coin was used at the right time to buy crypto.

Although the price increased yesterday, the amount of BTC withdrawn was still higher than the deposit. The market is more optimistic, so the volume of the futures order and the funding rate index have also increased.

Overall, the on-chain situation is still good for Bitcoin.

The price went up, but the amount of BTC withdrawn from the exchange was still higher than the amount deposited on the exchange. BTC is still in the long-term general trend of being withdrawn from the exchange and accumulated.

Some other information:

• Senate minority leader Mitch McConnell has proposed a short-term suspension of the US debt ceiling to prevent default. Both parties have more time until the end of the year to discuss the debt ceiling.
• SEC chairman Gary Gensler said the SEC has no plans to ban cryptocurrencies like the one they do in China. He noted that Congress will make decisions about crypto. Recently, Federal Reserve Chairman Jerome Powell also said the Fed has no intention of banning or restricting the use of cryptocurrencies.
• As part of the partnership, MoneyGram will use Circle’s USDC to process payments and convert payments into users’ local currencies. MoneyGram’s network will be integrated with the Stellar blockchain to process USDC transactions, and United Texas Bank will act as the clearinghouse between Circle and MoneyGram.