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The speculation regarding the U.S. Federal Reserve’s tightening cycle and recent geopolitical developments may have resulted in panic selling by short-term traders. Analysis from Glassnode suggested that traders who had purchased Bitcoin (BTC) near the November 2021 high liquidated their positions in the past two and half months. This supply was absorbed by high conviction investors, which resulted in a redistribution from weak hands to strong hands.
The crypto market, due to its resilience, continues to attract erstwhile naysayers to its fold. The latest popular figure to have a change of heart is Ken Griffin, founder of American multinational hedge fund and financial services company Citadel. In an interview with Bloomberg, Griffin said that Citadel will “engage in making markets in cryptocurrencies” over the next few months.
Voyager Digital co-founder and CEO Stephen Ehrlich told Cointelegraph that the firm’s recent quarter was its “best ever, so I certainly feel it’s a great time to be in crypto.” Along with businesses, Ehrlich believes that crypto investors are likely to be rewarded in the long term.
Will the demand remain intact at higher levels and could the recovery extend further in the next few days? Let’s analyze the charts of the top-10 cryptocurrencies to find out.
This article first appeared at Cointelegraph.com News
