Bitcoin (BTC) Price Regains $6,000 Level Despite Binance Theft
BTC prices returned to levels not seen since November 2018, as confidence gradually returns to the markets.
Bitcoin (BTC) is gaining slowly, as prices jumped over the $6,000 level, returning to the positions before the big crash of November 2018. BTC traded at $6,097.73 as of 6:45 UTC on Monday, on volumes of about $15 billion in 24 hours.
This time, the BTC rally excludes the outsized inflows of Brazilian real, which were seen about a week ago. Once again, more than 75% of all trading activity is connected to Tether (USDT). Still, the Negocie Coins exchange which launched recently shows a clear price anomaly. In the pairing with the real, BTC trades at the equivalent of $6,407.48.
Other up and coming exchanges, such as BitFirex, Bibox, or FCoins, show increased USDT activity and prices easily above the $6,100 range. The USDT premium is over $220, and varies in the past days, easily expanding to $300 at times.
In any case, the price of BTC managed to survive the news of the Binance hack, where more than 7,000 BTC were stolen. The hack happened just days after Binance announced a password change day and reminded users to use 2FA. Binance has locked deposits and withdrawals, and BTC trades at a premium at $6,130.
Bitcoin transactions are still happening at a high pace, showing renewed interest in moving coins, possibly for trading and arbitrage. More than 398,000 transactions in 24 hours were counted, excluding the transactions to give back change. There are also more than 13,000 pending transactions, suggestive of a network overload and renewed wallet activity. Such network overloads with higher fees were often seen before significant rallies.
But others don’t see an immediate rally to higher valuations happening soon:
The BTC dominance over the entire market cap of the cryptocurrency market is now above 57.1%, and above 60% based on other methodologies. The climb in BTC prices is, for now, pressuring altcoins, but there are also expectations that after BTC leads the pack, altcoins will follow with their own price spikes.