Bitcoin and crypto market sentiment has shifted dramatically this month as accumulation begins. It has gone from extreme fear and doom and gloom following America’s crypto crackdown to euphoria this week as BTC tops $30,000 again.
Bitcoin prices tapped a two-month high reaching the psychological $30,000 level on June 21. The big bounce comes just a couple of weeks after the largest crackdown on the industry made by U.S. financial regulators.
Bitcoin Accumulation Race Underway
Crypto industry experts and influencers were quick to embrace the latest wave of positive market sentiment.
On June 21, Bitcoin pioneer and entrepreneur Anthony Pompliano spoke to CNBC about the recent market momentum. He compared the great space race to what is happening in crypto now: the “Great Accumulation Race.”
“Institutions and individuals are all scrambling to get their share of the 21 million Bitcoin that will ever be in existence.”
He added that retail investors had a head start and have accumulated all the BTC that has been produced so far. However, he noted that 68% of all that circulating Bitcoin has not moved within a year.
He said that with Wall Street now showing an interest, BTC hodlers are reluctant to sell to them. “When you have a fixed supply asset that’s highly illiquid and a bunch of demand comes into the market, the price has to go up,” he said.
The sentiment has been echoed by Gemini co-founder Cameron Winklevoss. Bitcoin and crypto market sentiment has shifted dramatically to euphoria as BTC tops $30,000 again. Using almost the same words, he said:
“The Great Accumulation of bitcoin has begun. Anyone watching the flurry of ETF filings understands the window to purchase pre-IPO bitcoin before ETFs go live and open the floodgates is closing fast.”
Several high-profile financial institutions have applied for Bitcoin exchange-traded funds over the past week. The world’s largest asset manager BlackRock is among them. However, the Securities and Exchange Commission has yet to approve a spot BTC product.
Many prominent industry analysts believe that the SEC’s crackdown on exchanges such as Binance, Coinbase, and Kraken is part of a wider move to wrest control of crypto for Wall Street.
BTC Price Outlook
Bitcoin prices have gained 5% on the day, building on gains it has made so far this week. At the time of writing, the asset was changing hands for $30,305.
Since the SEC sued Binance and Coinbase earlier this month, Bitcoin has gained 21%. It fell below $25,000 on June 15 but has returned to highs not seen since mid-April.
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