The impact of Bitcoin sales by the German government has decreased as the asset begins to recover. In recent days, authorities moved over 25,000 BTC to exchanges, causing a significant price shift. However, the 24-hour market activity of the wallet did not have the same effect as bulls started to gain momentum.
The weekly market decline is not solely attributed to the German inflow to exchanges. A change in sentiments was noted following news of Mt. Gox creditor’s repayment, along with other macro and industry developments that pushed Bitcoin price below $55,000 before bouncing back.
Data from blockchain analytics firm, Arkham Intelligence, reveals that the German government holds around 16,000 BTC worth approximately $823 million, bringing the total value of holdings to under $1 billion after significant sales. Currently, Bitcoin price is trading at $67,654, with a 0.2% growth in the last 24 hours and a 5% decline for the week.
Monthly figures show a 17% decrease, aligning with movements from other crypto assets. However, the charts indicate improved dynamics in the past 48 hours, with the price showing gains despite the sales.
The government’s transfers to centralized exchanges today mark one of the highest sales, with the change in Bitcoin sentiment also affecting altcoins, including meme coins.
Positive macro factors, such as recent US job data favoring the market and projections of imminent rate cuts by commentators, have ignited a bullish drive. Analysts are forecasting two interest cuts, with the first potentially happening as early as September, which could lead to a movement of funds to risky assets. Additionally, institutional inflows to spot Bitcoin ETFs and upcoming Ethereum products are expected to support market recovery. The Benefits of Regular Exercise
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