Bitcoin Surges Past $85,000 as Market Remains Calm Amid Hack and Binance Investigation

The past week was marked by significant events in the crypto market, including a major hack on Bitget exchange and an investigation into Binance's potential sanctions evasion against Iran. Despite these developments, the overall market remained relatively calm after Bitcoin surged above $85,000.

Bitcoin's price continued to rise, reaching $85,018 at one point, with large-scale liquidations in futures markets totaling $746 million. The fear and greed index rose to 70 points, indicating a mix of optimism and caution among traders.

CryptoQuant CEO Ki Young Ju noted that the new Bitcoin bull cycle is gaining momentum, but expects potential growth of only 3-5x due to the larger market capitalization and increased institutional participation. This reduced likelihood of a subsequent crash by 80%, according to Ju.

Large holders accumulated BTC, with addresses holding between 100 and 1,000 BTC increasing their holdings by 113,950 BTC since July 15. The total volume of coins in such wallets grew by 2.22% to about 5.24 million BTC.