Bitcoin breaks 22,500! Stable on-chain activity, Galaxy Digital: 90% deleveraging completed | Dynamic Zone-Most Influential Blockchain Media (Bitcoin, Cryptocurrency)

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Bitcoin breaks 22,500! Stable on-chain activity, Galaxy Digital: 90% deleveraging completed | Dynamic Zone-Most Influential Blockchain Media (Bitcoin, Cryptocurrency)
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Bitcoin (BTC) reached as high as $22,527 this morning, challenging its previous high in June. The founder of Galaxy Digital pointed out that the deleveraging progress of the cryptocurrency market feels 90% complete. Bloomberg analyst McGlone also said that from the data point of view, BTC may be close to the bottom. (Recap:Bitcoin volatility warning | CryptoQuant: BTC rose 4% recently, and futures open interest increased rapidly) (background supplement:Bloomberg: Voyager Digital goes bankrupt, users shouldn’t expect to get all their cryptocurrencies back)

CompareBitcoin (BTC) has continued to fluctuate within a narrow range since it reached the $20,000 mark on Wednesday (6th). ) at around 4:00 a.m., challenged the previous high in late June again, reaching a maximum of $21,838, breaking through the 22,000 mark and reaching $22,527 before the deadline, an increase of 8.06% in the past 24 hours.

Ethereum is also incentivized, and is now at $1,261, up 6.79% in the past 24 hours.

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Founder of Galaxy Digital: Deleveraging progress is 90% complete

In an interview with CNBC yesterday, Mike Novogratz, founder of Galaxy Digital, a well-known cryptocurrency investment management agency, said that the progress of deleveraging for cryptocurrencies feels 90% complete, but he said that the cryptocurrency market may still continue to fall, and pointed out that the price of Upswing requires more narrative and new capital to come in.

Young Ju, CEO of on-chain analytics service CryptoQuant, tweeted earlier that I have not seen any indicative BTC on-chain activity in the past seven days. He believes that if on-chain data continues to remain stable, the Bitcoin market will not be affected as much by sell-side liquidity.

Further reading:Glassnode report: 2022 is the “most destructive bear market” in the history of cryptocurrency! BTC’s single-day net loss hit a new high

Bloomberg analyst McGlone: ​​Bitcoin may be nearing the bottom

Bloomberg senior commodities analyst Mike McGlone also tweeted earlier that he thinks data from the Bloomberg Galaxy Crypto Index, as well as bitcoin’s position in the 50-week and 100-week moving averages, has Showing signs similar to the 2018 bear market bottom.

IMF chief: The outlook is clearly bleak, does not rule out a global recession next year

But at the same time, Kristalina Georgieva, president of the International Monetary Fund (IMF), warned on the 6th that the global economic outlook has become significantly bleak, and the possibility of a global recession next year cannot be ruled out, and predicted that the IMF may Global growth forecasts for this year were revised down next week after Bank of England Governor Andrew Bailey also warned that the outlook for the global economy has deteriorated significantly and further shocks are possible.

As cryptocurrencies receive more and more attention, many corporate investors, hedge funds and other institutional investors are also rapidly increasing their interest in the crypto market. In the future, if the overall economic environment falls into recession, cryptocurrencies may not escape the downward pressure.

📍Related reports📍

Bloomberg: Voyager Digital goes bankrupt, users shouldn’t expect to get all their cryptocurrencies back

The Wolf of Wall Street | Jordan Belfort: Bitcoin is a long-term hedge against inflation, I will be shocked if it doesn’t make money in 3-5 years

Short Comment | MicroStrategy CEO: Shareholders should not worry unless Bitcoin falls by 95%; the number of addresses holding 1 BTC reaches 873,000 “all-time high”



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