Bitcoin Retakes $31K as Traditional Markets See Risk Reset, BNY Mellon Makes Crypto Push

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Bitcoin Retakes $31K as Traditional Markets See Risk Reset, BNY Mellon Makes Crypto Push

Omkar GodboleJuly 21, 2021, 3:04 AM·4 min readIn this article: Bitcoin has climbed above $31,000 alongside gains in global equity markets and fresh evidence of growing demand for cryptocurrency from traditional market participants. However, it may be too early to call a trend reversal higher.The biggest cryptocurrency by market value was changing hands near $31,300 at press time, a 5% gain on the day, according to CoinDesk 20 data. The bounce comes a day after the cryptocurrency printed its first UTC close below $30,000 since New Year’s day and may have caught out some traders.There was concern in the market that put-option sellers might take short positions in the spot/futures market on a break below $30,000, amplifying the price drop. Further, fund holdings dropped in the lead up to bitcoin‘s break below $30,000, signaling the absence of dip demand from large investors and higher odds of a continued sell-off.Related: Market Wrap: What’s Next for Bitcoin After Break Below $30KStill, the dip below $30,000 was shallow and short-lived, possibly due to the risk reset in traditional markets. The U.S. equity market