Bitcoin Spikes to $138,000 on Binance.US: Investors Become ‘Greedy’

Lavina Daryanani
Source: Pixabay

Bitcoin has been creating back-to-back records of late. With a host of asset managers like BlackRock, WisdomTree and Invesco filing for spot BTC ETFs with the SEC, the market sentiment has been refining.

On Wednesday, June 21, Bitcoin spiked to a six digit valuation on Binance.US. As chalked out below [right], the BTC/USDT pair’s wick extended all the way up to $138,070 on the exchange. However, it did not sustain around the said high for long, and quickly deflated back. As of press time, the largest asset was exchanging hands at $28.8k.

BTC/USDT [Binance], BTC/USDT [Binance.US] by TradingView

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Fear gradually evaporates from the BTC market

Binance.US has been in a fix over the past few days. Right after the SEC filed a lawsuit earlier this month, the exchange’s U.S. arm’s market depth started dropping. As recently anlyzed, it shrunk by around 78% in just a week. Parallelly, the exchange has also been losing market share. A recent analysis by Kaiko revealed that Binance.US currently commands a mere 1% market share.

Leaving aside the abrupt spike amid low liquidity on Binance.US, Bitcoin has been gradually inclining on all spot markets. From just hovering around 26k a couple of days back, the asset went on to claim $29k earlier today.

In fact, the fear in the minds of market participants is also gradually wearing away now. As shown below, the F&G index’s reading is currently at a 1-month peak. As of press time, it flashed a reading of 59, indicating greed. Thus, at this stage, investors can be expected to accumulate BTC. If buyers induce sufficient pressure, then BTC’s bullish streak could get renewed.

Bitcoin Fear and Greed Index |

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