Bitcoin
Who is buying all the BTC dumped by Germany?
Bitcoin entered a downward spiral in the first week of July to hit a bottom below $54,000 amid a sell-off exacerbated by some large holders. Several reports using on-chain data blamed the sell-off on the German state of Saxony selling off bitcoins it seized earlier in the year.
Despite this significant sell-off, Bitcoin has largely held steady, with bulls successfully preventing further price drops. According to on-chain data, Bitcoin’s stalemate can be attributed to some whales, as many of them took advantage of the price drop to increase their holdings. Notably, Bitcoin whales added 71,000 BTC to their wallets this week.
Bitcoin Whales Acquire 71,000 BTC This Week
This week, Bitcoin whales went on an absolute feeding frenzy as they accumulated a whopping 71,000 BTC from cryptocurrency exchanges. While the German state of Saxony was busy offloading its cryptocurrency stash, these big players were more than happy to add to their already massive holdings.
This interesting whale activity was first noticed on social media platform X by Inside the Block. A look at the chart below shows that accumulation peaked during Bitcoin’s 15% drop from $63,600 on July 1 to $53,905 on July 5.
In addition to whale accumulation, spot Bitcoin ETFs witnessed steady inflows during the week despite the decline in spot prices. The funds positive net flows recorded every day of the week, with the largest net inflow of $310 million on July 12.
Bitcoin holding up
The German state of Saxony sold over $2 billion worth of Bitcoin last week, flooding the market with BTC. When this sell-off initially began, many traders and market participants were skeptical about whether an already bearish Bitcoin could survive the selling pressure. Many analysts were even anticipating a price decline towards $47,000. On the other hand, other analysts believed that the sell-off was overdone.
Despite this back-and-forth scenario, Bitcoin managed to scale through the sell-off and absorb the impact of the sell-off better than many would have expected. This showed that the cryptocurrency has now reached stability, preventing further price declines.
It also highlights the growing maturity of the cryptocurrency market, which has been characterized by high levels of volatility over the years. A $2 billion liquidation is tiny compared to Bitcoin’s $1.18 trillion market cap. To break it down, that $2 billion represents less than 0.2% of Bitcoin’s total market cap.
At the time of writing, Bitcoin was trading at $59,960. The bulls are now eyeing a break above $60,000 again. Breaking and holding above $60,000 would set the stage for a further price increase next week.
Featured image from Getty Images, chart from TradingView
Bitcoin has lost out on an asset rally fueled by positive comments from the Federal Reserve, while a tight US election race casts doubt on whether Donald Trump will get the chance to implement his pro-crypto agenda.
The digital asset fell 2.4% on Wednesday, following a Fed-fueled surge in an index of megacap tech stocks Magnificent Seven by one of the largest margins in 2024. The token retreated further on Thursday, changing hands at $63,750 as of 6:10 a.m. in London.
Bitcoin
‘This is huge’ — Billionaire Mark Cuban issues ‘incredible’ Bitcoin and crypto prediction amid price slump
Bitcoin
Bitcoin
came back with a vengeance this year when former President Donald Trump Cryptocurrency boosts US presidential election in November with ‘revolutionary’ plan.
The price of bitcoin has surged to more than its all-time high in recent months, surpassing $70,000 per bitcoin and triggering a wave of mega-optimistic predictions about the price of bitcointhough it fell again this week, falling below $65,000 after the Federal Reserve kept interest rates steady.
Now, as Elon Musk suddenly breaks his silence on bitcoin and cryptocurrenciesBillionaire investor Mark Cuban called a California plan to digitize 42 million car titles using blockchain an “incredible step forward” and “huge” for cryptocurrencies.
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Mark Cuban, famous Shark Tank investor and billionaire owner of the NBA team Dallas Mavericks, has… [+] called a cryptocurrency update “amazing” amid bitcoin’s price slump.
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The California Department of Motor Vehicles (DMV) has digitized 42 million car titles using blockchain, it was reported by Reuters, through technology company Oxhead Alpha on the Avalanche blockchain and designed to detect fraud and facilitate the securities transfer process.
“This is an incredible development for crypto,” Cuban, best known as an investor on TV’s Shark Tank and owner of the Dallas Mavericks NBA team, posted on X, joking that U.S. Securities and Exchange Commission (SEC) Chairman Gary Gensler could sue the state as part of his hostility toward cryptocurrencies and blockchain technology.
“The reason this is huge for crypto is because people who hold the tokens will have an app with an Avalanche wallet,” Cuban said. “Tens of millions of Californians having and using a crypto wallet in the next five years, or however long it takes, normalizes the use of wallets and crypto.”
John Wu, president of Avalanche developer Ava Labs, told Reuters that California’s DMV is “creating a wallet that you can download on your phone.”
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Bitcoin’s price has rallied this year, triggering a wave of bullish bitcoin price predictions from… [+] people like billionaire Mark Cuban.
Forbes Digital Assets
Last month, Cuban predicted that if the US dollar falls as the global reserve currency, bitcoin could become “a global ‘safe haven’” and a “global currency.” potentially sending the price of bitcoin to a much higher level.
According to Cuban, bitcoin could become what its most ardent supporters “envision” — a means “of protecting our economies… This is already happening in countries facing hyperinflation.”
The price of bitcoin has skyrocketed over the past year, largely due to the world’s largest asset manager, BlackRock, leading a bitcoin attack on Wall Street.
Bitcoin
Bitcoin (BTC) miner Riot Platforms (RIOT)’s second-quarter loss widens to $84.4 million as costs rise
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At a national bitcoin conference in Nashville, Donald Trump finally laid out some of his crypto policy proposals, including a long-awaited part of his plan — building a strategic bitcoin reserve. CNN’s Jon Sarlin explains what it is and why the crypto industry wants it.
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