Bitcoin ATMs Boom

Bitcoin ATM installations were experiencing a resurgence after a dip in late 2022.As of July 2024, there are now over 38,000 Bitcoin ATMs installed worldwide.More Bitcoin ATMs mean easier entry points for new investors. With ATMs familiar and widely used, buying Bitcoin becomes less intimidating for those unfamiliar with cryptocurrency exchanges.This broader accessibility can lead to a rise in demand, potentially halting or reversing the price slide.

A new report by CoinShares paints a positive picture for Bitcoin, revealing a total of $441 million in inflows last week.This is a significant turnaround after several weeks of outflows.The report on the 8th of July dove into the details, highlighting a substantial inflow into Bitcoin. Investors poured $398 million into Bitcoin products, which translated to roughly $57,207 per Bitcoin.According to CoinShares, this buying spree was likely triggered by a combination of factors, including the recent weakness in Bitcoin prices, activity from Mt. Gox, and selling pressure from the German government.

At press time, BTC was trading at $57,149.91 and its price had declined by 0.75% in the last 24 hours. Due to the declining price, the MVRV ratio for BTC fell.This indicated that the number of profitable addresses holding BTC had declined significantly. This could reduce the incentive for these holders to sell their holdings in the future.

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