In the last week, the price of Bitcoin (BTC) has seen a noticeable recovery after a period of declines, trading at $59,000 yesterday, Tuesday. However, its value is still 5% lower than the level recorded a week ago. Analysts have linked the recent decline in the price of Bitcoin to the decision of the troubled Mt.Gox platform to start paying its creditors. It may be worth noting that old Mt.Gox customers may have to wait up to 90 days to recover their balances. This move sparked widespread reactions due to the platform’s determination to pay off outstanding debts. In a related context, 47,228 bitcoins were transferred from a cold storage wallet address (offline wallet) to another address believed to be designated for payment.
These events reflect important developments in the digital currency market and emphasize the significant impact that a popular platform’s decision can have on digital currency prices. In light of the current situation, the future of Bitcoin and its price movement remain the subject of wide interest and follow-up by investors and analysts alike.
German authorities sell confiscated currencies and recover others worth millions of dollars, affecting the movement of Bitcoin price. The German authorities announced the sale of a large amount of confiscated currencies and the recovery of currencies worth millions of dollars. The reason behind the recent declines in the price of Bitcoin is attributed to these operations carried out by German law enforcement authorities. Earlier this year, the German Federal Criminal Police Office confiscated 49,857 Bitcoins (BTC) from the operators of the hacking website, which had been conducting its fraudulent activities until 2013. Since mid-June, the German government has sold more than 10,000 Bitcoins, resulting in to selling pressure on the currency price movement.
New Bitcoin whales suffer losses of nearly a billion dollars in two weeks
Some investors, believing that the market reaction was exaggerated, saw this as an opportunity to buy Bitcoin at a discount. Yesterday, Tuesday, the German authorities withdrew more than $200 million worth of Bitcoin from the platforms contributed to the market’s recovery. This latest development reflects the significant impact that legal and security events can have on cryptocurrency prices. As developments continue in this market, investors and traders must remain informed of legal, legislative and security developments in various countries so that they can make informed investment decisions.
New Bitcoin whales suffer losses of approximately one billion dollars in two weeks. According to analysts, new Bitcoin whales, who are the major owners of Bitcoin, have incurred losses of approximately one billion dollars during the last two weeks. This comes after they achieved profits during the first quarter of this year. Meanwhile, long-term Bitcoin investors took their profits in early June. This information indicates that the new whales may have entered into long trades during the aforementioned time period, and then incurred losses when Bitcoin prices subsequently declined. On the other hand, long-term Bitcoin investors chose to exploit the coin’s bullish momentum earlier and book their profits. This landscape may reflect the high volatility of the Bitcoin market and its rapidly changing nature. Investors should stay aware of price movements and other developments in the Bitcoin market and make their investment decisions based on a comprehensive analysis of the financial markets.
An analytics platform reported that the German government sold approximately $344 million worth of Bitcoin to exchanges and platforms, from a wallet managed by the country’s Federal Criminal Police Office, known as the BKA. The platform explained that transfers on Wednesday morning included about $73 million sent to central cryptocurrency exchanges, with about $44 million sent to the Kraken platform
Bitcoin declines as long-term holders sell and make profits
Reports indicate that the recent wave of declines has significantly reduced unrealized gains in the Bitcoin market. This is mainly due to the selling activities of long-term holders of their Bitcoin holdings. The ratio of market value to realized value (MVRV) is about 1.5, which indicates that market participants retain unrealized profits on average of 50%. Accordingly, this suggests that the recent price movements are mainly due to long-term Bitcoin holders taking the initiative to sell to take their profits. They sold their Bitcoin balances to new buyers at high prices, reducing the average unrealized profitability of those who remained holding their holdings.
The BTC/USD pair closed its trading last week at $55,850, a decline of 11% compared to the previous week, which closed at $62,775. Due to the strong selling pressure on Bitcoin during the week, the BTC/USD pair recorded its lowest level last Thursday at $53,500, then rebounded and reached $58,250 before currently settling at $55,850. This pattern reflects the strong price movements and high volatility in the Bitcoin market, and highlights the importance of market analysis and investment decision-making based on a comprehensive knowledge of the financial markets.
Nearly $98 million was sent to cryptocurrency trading firms, with $66 million going to Flow Traders in Amsterdam in two trades and another $31.5 million to Cumberland DRW in Chicago. Likewise, another $132 million was also sent to a still-unidentified wallet in two transactions. It should be noted that earlier this week, the wallet of the Federal Criminal Police Office in Germany sold $900 million worth of Bitcoin (BTC) on Monday and another $362 million on Tuesday, and it now appears that the German government’s wallet only has $1 billion worth of Bitcoin left. Bitcoin dollar
80 days after the Bitcoin halving: Despite the losses, 54% are optimistic
80 days after the Bitcoin halving event, cautious optimism remains among cryptocurrency enthusiasts. More than half of crypto investors are showing positive sentiment despite the overall market decline that negated the initial gains after the downturn. According to a survey conducted, 49.3% of market participants maintain positive expectations, while about a quarter of them take a neutral position, indicating prevailing skepticism or a wait-and-see approach to market trends.To get an advertising service for your crypto project or press releases
Cryptocurrency investors and developers are optimistic: The survey analyzed different groups within the cryptocurrency community, revealing mixed feelings between different roles. Remarkably, 54.1% of investors show optimism about the long-term potential of the market, demonstrating a firm belief in the sustainable value of cryptocurrencies. Developers are also showing resilience, with 47.6% maintaining positive attitudes, although 31.6% express negative sentiments.
Bitcoin Halving 2024: Will it lead to a strong increase in the price? In contrast, traders show mixed views. About 39% of them remain optimistic, which is in sharp contrast to their short-term trading strategies that respond quickly to market shifts. The percentage of negative sentiment in this group is 33.5%, which confirms their sharp response to recent price changes.
Spectators who were less active in monitoring the market were found to be the most pessimistic group. A large percentage of 42.4% are pessimistic, exceeding 28.5% of optimists. This likely reflects broader skepticism among those who have retreated from active participation, perhaps after making earlier profits and exiting the market.
 has seen a noticeable recovery after a period of declines, trading at $59,000 yesterday.){kind=link}