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<p>The post <a href="https://coinpedia.org/news/bitcoin-rebounds-to-58k-after-midweek-slump-is-the-worst-over/" rel="noopener noreferrer nofollow">Bitcoin Rebounds to $58K After Midweek Slump: Is the Worst Over?</a> appeared first on <a href="https://coinpedia.org" rel="noopener noreferrer nofollow">Coinpedia Fintech News</a></p>
<p>After hovering around the $60,000 mark earlier in the week, Bitcoin broke through support on Wednesday evening as U.S. traders celebrated the July 4th holiday, beginning a sharp decline. By Thursday morning, BTC dipped to $56,750 before recovering slightly. Despite a final drop below $56,900 around mid-morning, Bitcoin’s price rebounded 5% throughout the afternoon. As of the latest update, BTC traded at $58,158.80, marking a 3.30% loss over the past 24 hours.&nbsp;</p>
<p>This recovery alleviated fears of selling pressure from Germany’s government and the potential sale of Bitcoin from Mt. Gox.</p>
<h2 class="wp-block-heading" id="h-market-liquidations-and-etf-activity"><strong>Market Liquidations and ETF Activity</strong></h2>
<p>Market liquidations amounted to $100 million, a modest figure compared to the $600 million liquidated last week when Bitcoin fell near $54,000, its lowest point since February. Meanwhile, Bitcoin ETFs saw significant activity, with $438 million scooped up recently, bringing their total asset value to $49.3 billion. Trading volumes for U.S. Bitcoin ETFs on July 5 and July 8 were $2.18 billion and $1.98 billion, respectively, the highest since June 25.</p>
<h2 class="wp-block-heading" id="h-german-and-mt-gox-sales-is-no-big-deal-nbsp"><strong>German and Mt. Gox Sales: Is No Big Deal?&nbsp;</strong></h2>
<p>Despite initial concerns about ongoing sell pressure from Germany and Mt. Gox, experts believe these fears are overblown. On Monday, the German government transferred $900 million worth of Bitcoin, and an additional $362 million transferred to Kraken and other trading desks on Tuesday.&nbsp;</p>
<p>Ryan McMillin, chief investment officer at Merkle Tree Capital, stated that the worst of Germany’s selling appears to be over. According to Arkham Intelligence, Germany has transferred about two-thirds of its seized Bitcoin holdings, with $1.6 billion remaining.</p>
<p>While these government actions caused a massive sell-off thrice in June, CryptoQuant’s Ki Young Ju also argues that fears are overhyped. He points out that government-sold BTC represents a small fraction of total market inflows over the past year, minimizing their impact on prices. Despite recent declines and lingering market challenges, Bitcoin has shown resilience, trading at $57,360, aiming to recover from recent losses and regain bullish momentum above the $60,000 mark.</p>
<h2 class="wp-block-heading" id="h-future-prospects"><strong>Future Prospects</strong></h2>
<p>While transferring funds to exchanges and market makers indicates a probable intention to liquidate, it does not confirm that Germany’s assets have already been sold. Plus, the bankruptcy estate of the defunct crypto exchange FTX is set to distribute approximately $16 billion in cash to crypto investors around September or October this year. McMillin noted that this cash distribution is expected to act as a “significant bullish catalyst” for the market in the coming months.</p>

Bitcoin Rebounds to $58K After Midweek Slump: Is the Worst Over?

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