Bitcoin enters another phase of accumulation

by in Cryptocurrency News

Bitcoin

Three Arrows Capital CEO Su Zhu commented on the position of bitcoin. In his opinion, the largest digital currency is entering a new phase of accumulation.

The BTC exchange rate on Friday, May 20, strengthened to $30,144. Su Zhu pointed to several factors that signal a gradual change in trend.

Over the past seven weeks, there has been a rollback of bitcoin. The volume of trading on the spot and derivatives markets increased to the maximum values ​​since May last year. The explosion came as BTC dropped to $26,000, the CEO of Three Arrows Capital noted.

Trending: MetaMask announces integration with Apple Pay

From also pointed to the growth of activity of Asian traders. Moreover, the number of cryptocurrency transactions in the Asia-Pacific region exceeded US trading volumes.

During the period of turbulence caused by the collapse of the UST stablecoin, the first positive signal was the entry of institutional investors into the arena. A Canadian crypto fund received 7,000 BTC last week.

Su Zhu added that there are factors that could potentially lead to a resumption of the Bitcoin rally. A conference in El Salvador with the participation of representatives of central banks of 44 countries dedicated to fintech, as well as the likelihood of using cryptocurrency by OPEC countries for international transactions, will contribute to the global adoption of BTC.