First Mover Asia: Asia Bump Sends Bitcoin Over $49K
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After a price bump during Asian hours, bitcoin was well above the $48,000 level for all of Tuesday after the opening of U.S. markets. At the time of publication, bitcoin had soared beyond the $49,000 threshold.
While bitcoin sellers have dominated the market during Asian hours for most of 2021, as CoinDesk has reported, the gains happened earlier Tuesday. This timing suggested that the sell-off related to China’s strengthened crypto trading ban may be ending soon.
“With Huobi completing its China exit last week, the selling pressure from Asia appears to be slowing down,” Hong Kong-based crypto lender Babel wrote in its weekly newsletter dated Tuesday.
Crypto exchange Huobi said in September that it will retire all existing users in mainland China by the end of this year, after China announced tougher measures on crypto trading.
On a more positive note, bitcoin’s illiquid supply has been increasing since a drop in May, reaching above 14 million, according to data from blockchain data firm Glassnode. The so-called illiquid supply shows the total supply of the oldest cryptocurrency held by illiquid entities.
After a price bump during Asian hours, bitcoin was well above the $48,000 level for all of Tuesday after the opening of U.S. markets. At the time of publication, bitcoin had soared beyond the $49,000 threshold.
While bitcoin sellers have dominated the market during Asian hours for most of 2021, as CoinDesk has reported, the gains happened earlier Tuesday. This timing suggested that the sell-off related to China’s strengthened crypto trading ban may be ending soon.
“With Huobi completing its China exit last week, the selling pressure from Asia appears to be slowing down,” Hong Kong-based crypto lender Babel wrote in its weekly newsletter dated Tuesday.
Crypto exchange Huobi said in September that it will retire all existing users in mainland China by the end of this year, after China announced tougher measures on crypto trading.
On a more positive note, bitcoin’s illiquid supply has been increasing since a drop in May, reaching above 14 million, according to data from blockchain data firm Glassnode. The so-called illiquid supply shows the total supply of the oldest cryptocurrency held by illiquid entities.
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