2024

Bitcoin

Million

Rekt

<ul class="list-ic vertical"> 
 <li> <span>1</span> <a>Germany’s recent 700 BTC transfer reflects heightened market volatility.</a> </li> 
 <li> <span>2</span> <a>Positive U.S. job data boosts BTC recovery; market up 3%.</a> </li> 
 <li> <span>3</span> <a>Top analysts see government BTC sales as a minor market factor.</a> </li> 
</ul>  
<p>The German government has reportedly sent 700 BTC worth $40 Million to a wallet, as indicated by the on-chain data from Arkham Intelligence. This move comes at a time when there have been some price fluctuations in the Bitcoin market and is the latest in a string of large Bitcoin transactions. The <strong>German government</strong> has Bitcoin worth over $2.3 Billion.</p> 
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<p class="has-text-align-center">BTC Chart | Source: Arkham</p> 
<p>However, the latest transfer has elicited negative reactions from the crypto community on social media platforms. Nevertheless, some crypto analysts believe the recent Bitcoin price rebound could sideline this development.</p> 
<h2 class="wp-block-heading" id="strong-previous-transfers-and-market-reactions-strong"><strong>Previous Transfers and Market Reactions</strong></h2> 
<p>As reported by the Coin Republic, the <a href="https://www.thecoinrepublic.com/2024/07/06/german-mp-calls-to-halt-bitcoin-sell-off-now/" target="_blank" rel="noreferrer noopener">German government </a>has sent more than 3,000 Bitcoins to various crypto exchanges and unknown wallets. On July 4, the government transferred 1,300 <strong>BTC</strong> worth approximately $76 Million to exchanges, triggering a bearish phase in the market.&nbsp;</p> 
<p>Next, 500 BTC, equivalent to around $29 Million, was transferred to the crypto exchange Bitstamp and 400 BTC to Coinbase and Kraken, respectively.</p> 
<p>Such large movements, in addition to the disclosure of the repayment of Mt. Gox creditors, have had a negative impact on the market. Bitcoin declined to $55k, while Ethereum, at one point, traded at less than $3k for the first time in the last 50 days.&nbsp;</p> 
<p>German member of parliament Joana Cotar consequently called on the government to stop the sales and suggested that the proceeds could be used to diversify the federal portfolio.</p> 
<p>Although these sales led to some losses in the value of Bitcoin and other cryptocurrencies, there has been some recovery in the past 24 hours. This recovery has been due to favorable macroeconomic conditions such as the release of the <strong>US employment data</strong>.&nbsp;</p> 
<p>Experts now expect the Federal Reserve to cut rates again in September. Therefore, the price of Bitcoin has increased while the total cryptocurrency market displayed a 3% increase.</p> 
<h3 class="wp-block-heading" id="strong-analyst-predictions-and-market-sentiment-strong"><strong>Analyst Predictions and Market Sentiment</strong></h3> 
<p>Prominent trader Peter Brandt pointed out that Bitcoin’s trend is in a bullish pattern he refers to as a ‘footshot.’ This pattern suggests that there is a short-term buy signal, considering the dip in Bitcoin’s price.</p> 
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  <p lang="en" dir="ltr">The pattern in Bitcoin is something I call a foot shot (Friday). This is a buy signal short term. <a href="https://t.co/D5jz7FrQFS">pic.twitter.com/D5jz7FrQFS</a></p>— Peter Brandt (@PeterLBrandt) <a href="https://twitter.com/PeterLBrandt/status/1809630547158921359?ref_src=twsrc%5Etfw">July 6, 2024</a>
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<p>Similarly, the author of the book Rich Dad Poor Dad, Robert Kiyosaki, has been urging his followers to invest in Bitcoin, stating that the current high volatility is a good time to do so.</p> 
<p>Brandt has suggested that the price of Bitcoin may drop to $48,000 if key support levels are not held. However, he also sees a lot of potential for the price to rise vastly in the future, comparing it to the history of gold.</p> 
<h3 class="wp-block-heading" id="strong-impact-of-government-btc-selloffs-strong"><strong>Impact of Government BTC Selloffs</strong></h3> 
<p>In the last 24 hours, crypto analysts and influencers have tried their best to calm down the panic that the government sale of BTC has created. According to Ki Young Ju, the founder and CEO of CryptoQuant, the $8 Billion worth of <a href="https://www.thecoinrepublic.com/2024/07/04/3-billion-worth-of-bitcoin-moved-by-whales-btc-price-dips-below-58k-whats-next/">BTC</a> held by governments is just 4% of the total capital coming into the Bitcoin market in 2023 and amounts to $225 Billion. This view suggests that there is enough liquidity in the market to cushion the effects of these selloffs.</p> 
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 <blockquote class="twitter-tweet">
  <p lang="en" dir="ltr"><a href="https://twitter.com/hashtag/BTC?src=hash&amp;ref_src=twsrc%5Etfw">#BTC</a> <br><br>We are still here (orange circle)<a href="https://twitter.com/search?q=%24BTC&amp;src=ctag&amp;ref_src=twsrc%5Etfw">$BTC</a> <a href="https://twitter.com/hashtag/Crypto?src=hash&amp;ref_src=twsrc%5Etfw">#Crypto</a> <a href="https://twitter.com/hashtag/Bitcoin?src=hash&amp;ref_src=twsrc%5Etfw">#Bitcoin</a> <a href="https://t.co/pzfCcyDXzr">pic.twitter.com/pzfCcyDXzr</a></p>— Rekt Capital (@rektcapital) <a href="https://twitter.com/rektcapital/status/1809235871461228591?ref_src=twsrc%5Etfw">July 5, 2024</a>
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<p>Trader Tardigrade, an independent analyst, described the selloff as resembling previous events that were followed by sharp and long bull cycles. The same opinion was shared by the analyst Rekt Capital, who believes that the current bearish trend is a normal post-halving scenario and the price will continue to rise as the supply would decrease.</p> 
<p>At press time, <strong>Bitcoin’s price</strong> rebounded to $58,096, a 6.40% increase, indicating that traders are beginning to overcome the bearish effects of the recent BTC selloffs and the Mt. Gox reimbursement. This recovery, supported by market dynamics and analyst predictions, suggests a potential stabilization and continuation of Bitcoin’s upward trend.</p>

Bitcoin Price Rallies Amid The German Govt’s Transfer of 700 BTC

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