Bitcoin

Impact

<h2 id="key-points">Key Points</h2>
<ul>
 <li>German MP Joana Cotar has urged the government to reconsider its massive sell-offs of Bitcoin.</li>
 <li>The ongoing BTC dump has resulted in the biggest liquidation since the FTX crisis.</li>
</ul>
<p>German MP Joana Cotar has called on her government to rethink its decision to sell off its seized Bitcoin holdings. This comes as the cryptocurrency market takes a hit, with Bitcoin’s value dropping to $53K, the lowest it has been since February 2024.</p>
<p>The market downturn has been exacerbated by significant sell-side pressure from entities such as the German government. German authorities have been offloading a large amount of Bitcoin seized from the illegal streaming site Movie2k.to.</p>
<h2 id="german-bitcoin-selling-sparks-controversy">German Bitcoin Selling Sparks Controversy</h2>
<p>The large-scale Bitcoin sell-off by the German government has sparked criticism. Cotar has been vocal in her disapproval, urging the government to rethink its strategy. She believes that holding Bitcoin could serve as a strategic reserve currency, providing the government with diversified state assets and long-term value preservation from currency devaluations and inflation.</p>
<p>Cotar advocates for a comprehensive Bitcoin strategy, including maintaining Bitcoin in the state treasury, issuing Bitcoin bonds, or creating a supportive regulatory environment. Her views are echoed by crypto market commentator Samson Mow, who described the government’s Bitcoin sell-off as the ‘peak of idiocracy’.</p>
<h2 id="impact-on-the-market">Impact on the Market</h2>
<p>If the selling pressure continues, the Bitcoin dump could extend to the weekly order block and February consolidation zone of $52.9K—$50K. The extended retracement and retest of $53K have triggered massive liquidations, with nearly $700 million liquidated across the whole market in the past 24 hours. Bitcoin accounted for $226 million of these liquidations, with long positions suffering significant losses worth over $180 million. According to one market observer, this massive liquidation is the largest since the FTX saga in November 2022.</p>

German MP Joana Cotar Suggests Alternatives to Bitcoin Trading

Съдържание

CoinEagle.com

Други статии, публикувани на 5.07.2024 г.

Celebrity Influence in the Crypto Space: Memecoins on Solana with Pump.fun and Moonshot

Pepe Unchained: The Rising Star Poised to Overtake $PEPE and Make Serious Money

SHIB Rivals BONK, WIF in Green Despite Plummenting Markets

2021 Trends Indicate Bull Market Ahead: Best Crypto Projects for the Current Cycle

Unlock Passive Income: BlockDAG’s X10 Miner to Yield $10 Daily at Launch! Uncover XRP Price Forec...

DeFi Token Makes History With Green Candles In Red Market, Why Is It Performing Better Than MATIC...

Присъединете се към нашия безплатен бюлетин за ежедневни крипто актуализации!