Источник Decrypt.co, New York, USA
Заголовок Bitcoin Tumbles as German Government Moves Another $75 Million to Exchanges
Дата 20240704

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Bitcoin• Экономика » Финансы » Платежные средства » Платежные системы интернета » Криптовалюта » Bitcoin Tumbles as German Government Moves Another $75 Million to Exchanges

Bitcoin• Экономика » Финансы » Платежные средства » Платежные системы интернета » Криптовалюта » Bitcoin Tumbles as German Government Moves Another $75 Million to Exchanges

"Yet another day of heavy selling pressure, causing BTC to fall below the 60k
support level and reaching lows of 57,875," noted QCP Capital.

By Murtuza Merchant

Jul 4, 2024 Jul 4, 2024

3 min read

Source: Shutterstock

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The German government has transferred approximately 1,300 Bitcoin• Экономика » Финансы » Платежные средства » Платежные системы интернета » Криптовалюта » Bitcoin to major
cryptocurrency• Экономика » Финансы » Платежные средства » Платежные системы интернета » Криптовалюта exchanges, contributing to a sharp decline in Bitcoin• Экономика » Финансы » Платежные средства » Платежные системы интернета » Криптовалюта » Bitcoin's
value and causing ripple effects across the broader crypto landscape.

According to data from Arkham Intelligence, the German authorities moved
Bitcoin• Экономика » Финансы » Платежные средства » Платежные системы интернета » Криптовалюта » Bitcoin worth approximately $75 million to exchanges including Bitstamp,
Coinbase, and Kraken around 10 a.m. Central European Time today.

This transfer marks one of the largest movements of Bitcoin• Экономика » Финансы » Платежные средства » Платежные системы интернета » Криптовалюта » Bitcoin by the German
government to centralized exchanges in the last few weeks.

The sell-off has contributed to Bitcoin• Экономика » Финансы » Платежные средства » Платежные системы интернета » Криптовалюта » Bitcoin's price dropping below the
critical 200-day simple moving average (SMA), a key technical indicator often
used by traders to assess long-term trends.

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Bitcoin• Экономика » Финансы » Платежные средства » Платежные системы интернета » Криптовалюта » Bitcoin reached a low of $56,952 in early European trading hours and is
currently trading at $57,650, down 4.5% on the day.

The German government's Bitcoin• Экономика » Финансы » Платежные средства » Платежные системы интернета » Криптовалюта » Bitcoin portfolio, even after this substantial
transfer, is still significant. Currently, the German Government holds a
significant Bitcoin• Экономика » Финансы » Платежные средства » Платежные системы интернета » Криптовалюта » Bitcoin portfolio valued at $2.3 billion and consisting of 40.359K
BTC.

However, recent market actions have led to a notable decrease in their
portfolio value, which has dropped by $136.17 million, over the last 24 hours.
But the sell-off has not been limited to Bitcoin• Экономика » Финансы » Платежные средства » Платежные системы интернета » Криптовалюта » Bitcoin.

QCP Capital reports that the entire cryptocurrency• Экономика » Финансы » Платежные средства » Платежные системы интернета » Криптовалюта market is experiencing
heavy selling pressure, with Bitcoin• Экономика » Финансы » Платежные средства » Платежные системы интернета » Криптовалюта » Bitcoin falling below the $60,000 support level.

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"Yet another day of heavy selling pressure, causing BTC to fall below the 60k
support level and reaching lows of 57,875," noted QCP Capital.

The report also highlighted signs of miner capitulation , a phenomenon
historically associated with price bottoms, such as the significant hash rate
drop in 2022 when Bitcoin• Экономика » Финансы » Платежные средства » Платежные системы интернета » Криптовалюта » Bitcoin traded down to $17,000.

Despite the ongoing sell-off, the options market remains optimistic,
particularly for Ethereum• Экономика » Финансы » Платежные средства » Платежные системы интернета » Криптовалюта » Ethereum.

"The options market is still optimistic as we continue to see interest heavily
skewed towards ETH Calls for September and December expiries," QCP Capital
added.

Additionally, the market is bracing for the impact of the upcoming Mt. Gox
repayment.

According to Peter Chung, Head of Presto Research, the Mt. Gox Rehabilitation
Trustee plans to distribute billions of dollars worth of BTC and BCH to
creditors between July 1 and October 31, 2024.

This influx is expected to shift the supply/demand dynamics significantly.

"Our analysis shows that the selling pressure for BCH will be four times
larger than for BTC," Chung explained, indicating a potential trading
opportunity for those looking to navigate the market volatility.

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Edited by Stacy Elliott .

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