Bitcoin climbs above $60,000 to recover from previous losse

Bitcoin exchange depositing addresses fall to lowest since 2016, indicating reduction in selling pressure

By Ovunc Kutlu

ISTANBUL (AA) - Bitcoin climbed above the $60,000 mark Tuesday, recovering from losses on Monday, one day after an assassination attempt on former US President and Republican nominee Donald Trump.

Bitcoin, the world's largest cryptocurrency, was trading just above $60,800 at 1.05 p.m. EDT (1705GMT) with a daily increase of 5.4%.

Ethereum, the world's largest altcoin, was at $2,370 at the time with a daily gain of more than 3.7%.

The value of the cryptocurrency market stood at $2.1 trillion with a 4% daily increase. Bitcoin's share, known as dominance, was at 57.3%. Ethereum's was at 13.6%, according to CoinMarketCap.

Gunshots were heard Sunday outside Trump International Golf Club in West Palm Beach. The FBI said it "appears to be an attempted assassination." Trump was wounded during an attempted assassination at a campaign rally in July.

Bitcoin climbed to as high as $69,992 on July 29, two days after Trump laid out his plan to ensure that the US would be "the crypto capital of the planet and the Bitcoin superpower of the world."

Cryptocurrencies, however, saw a steep decline beginning Aug. 1 when recession fears sent global markets into a freefall.

Bitcoin exchange depositing addresses declined to their lowest level since 2016, according to CryptoQuant, an on-chain and market data analytics firm.

"A low value suggests a decrease in the number of investors selling coins on spot exchanges, potentially indicating a reduction in selling pressure," the firm wrote Monday on X.

It noted that the metric represents the number of addresses sending inflow transactions to exchanges.

The company said in a separate note that new whales and Binance traders are actively buying Bitcoin, while old whales continue to hold, adding: "This mix could signal market stability and potential price growth."

Whales refer to individuals or financial entities with large capital whose buying or selling can influence prices, trends and dynamics of a market.

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