The cryptocurrency market saw a rebound late Tuesday, recovering some losses from the U.S.’s Independence Day celebrations. Bitcoin surged 5% to $59,300 before pulling back slightly to $59,000. Market watchers are monitoring the impact of Bitcoin sales from Mt. Gox and the German government transferring funds to exchanges.
Despite a $100 million increase in liquidations, it pales in comparison to the $600 million wiped out last week when Bitcoin dropped to around $54,000. U.S. Bitcoin ETFs gained $438 million recently, bringing their total value to $49.3 billion.
Concerns about selling pressure from Mt. Gox and Germany are considered exaggerated by experts. Germany has moved $900 million worth of Bitcoin, with additional transfers totaling $362 million to Kraken and other trading desks. The worst of Germany’s selling seems to be over, according to Ryan McMillin from Merkle Tree Capital.
Germany has about $1.6 billion in Bitcoin left to distribute, and the transfers to exchanges suggest a potential intention to liquidate. Additionally, the bankruptcy estate of FTX is set to distribute $16 billion to crypto investors later this year, acting as a bullish catalyst in the market.
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