Bitcoin recovers daily losses, moves closer to $2500

Eren Sengezer FXStreet

The BTC/USD pair spent the majority of the day under pressure after Alexander Vinnik, one of the masterminds behind the cryptocurrency, was arrested in Greece on allegations of laundering at least $4 billion.

"Two sources close to the BTC-e virtual currency exchange, who declined to be named while commenting on an ongoing case, said Vinnik was a key person behind the platform, which has been offline since reporting "technical problems" late on Tuesday," Reuters reported after the incident.

Despite this development, the pair gained some traction in the NA session. The move, however, was a product of the USD weakness rather than a higher demand for the BTC. As of writing, the pair was trading at $2485, gaining 0.85% on the day.

Author

Eren Sengezer

FXStreet

As an economist at heart, Eren Sengezer specializes in the assessment of the short-term and long-term impacts of macroeconomic data, central bank policies and political developments on financial assets.

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