Bitcoin ETF

Bitcoin

Read

Time

<ul>
 <li>Bitcoin whales acquired 71,000 BTC over the past week amid price volatility.</li>
 <li>The German government sold 50,000 BTC on July 12, affecting market dynamics.</li>
 <li>Bitcoin’s price stands at $58,665.10, up 1.42% over the trailing seven-day period.</li>
</ul>
<p>Bitcoin whales are rewriting market narratives during a moment of recent price volatility, with Bitcoin’s price varying throughout the previous week from $59,270 at high to $54,430 at low. Bitcoin whales recognized a chance to gather cryptocurrency during this period, maybe igniting a market comeback shortly.&nbsp;</p>
<figure class="wp-block-embed is-type-rich is-provider-twitter wp-block-embed-twitter">
 <div class="wp-block-embed__wrapper">
  <blockquote class="twitter-tweet" data-width="550" data-dnt="true">
   <p lang="en" dir="ltr">Bitcoin whales added 71K BTC to their wallets this week, as they capitalized on the recent price decrease <a href="https://t.co/fBeEGUP6P8" rel="noopener noreferrer nofollow">pic.twitter.com/fBeEGUP6P8</a></p>— IntoTheBlock (@intotheblock) <a href="https://twitter.com/intotheblock/status/1812165143624667642?ref_src=twsrc%5Etfw" rel="noopener noreferrer nofollow">July 13, 2024</a>
  </blockquote>
  <script async src="https://platform.twitter.com/widgets.js" charset="utf-8"></script>
 </div>
</figure>
<p>Data from the crypto analytics platform IntoTheBlock (ITB) indicates that Bitcoin whales acquired 71,000 BTC over the past week. This accumulation occurred as Germany’s Bitcoin selloff found eager buyers.</p>
<p>The data reveals that whale transactions in the Bitcoin network now total $41.32 billion in volume. While the <a href="https://cryptonewsland.com/bitcoin-whales-acquire-1-38b-in-btc-amid-market-dip/" target="_blank" rel="noopener noreferrer nofollow">24-hour rate</a> of change for this metric has dropped by 8%, the weekly surge remains strong. Conversations around the Bitcoin selloff by Germany overshadowed the week.&nbsp;</p>
<p>On July 12, the <a href="https://cryptonewsland.com/german-government-sells-remaining-bitcoin-reserves-influences-market/" target="_blank" rel="noopener noreferrer nofollow">German government</a> completed the sale of 50,000 BTC seized earlier this year. This event triggered a significant market selloff. However, whale actions helped maintain the price above the $53,000 support zone. The drawdown could have worsened without the subtle accumulation of whales.</p>
<p>With the German selloff spree concluded, Bitcoin’s price has entered a promising consolidation phase. At the time of writing, the price stands at $58,665.10, reflecting a 0.77% increase in 24 hours. Over the trailing seven-day period, it has risen by 1.42%, a positive sign for potential recovery.&nbsp;</p>
<p>To many Bitcoin advocates, whale actions are a vote of confidence in the cryptocurrency’s prospects. Several market triggers could help shift the price back to $60,000. One notable event involves dialogue with Germany, which might lead to a strategic Bitcoin buyback. Additionally, inflows into spot Bitcoin ETF products could absorb the recently flooded BTC.</p>
<p>Bitcoin whales have played a crucial role in stabilizing the market amid recent price fluctuations. Their strategic accumulation and market actions demonstrate confidence in Bitcoin’s long-term potential. As the market adjusts to recent events, Bitcoin’s price shows signs of recovery and resilience, with prospects of reaching previous highs.</p>
<h4 class="wp-block-heading" id="h-read-also">Read Also:</h4>
<ul class="wp-block-yoast-seo-related-links yoast-seo-related-links">
 <li><a href="https://cryptonewsland.com/bitcoin-selloffs-shifting-market-sentiment-is-it-the-time-to-sell/" rel="noopener noreferrer nofollow">Bitcoin Selloffs Shifting Market Sentiment: Is it the Time to Sell?</a></li>
 <li><a href="https://cryptonewsland.com/mt-gox-anticipated-selloffs-and-german-dumping-fuel-btc-crash/" rel="noopener noreferrer nofollow">Mt Gox Anticipated Selloffs and German Dumping Fuel BTC Crash</a></li>
 <li><a href="https://cryptonewsland.com/binance-coin-recovers-support-despite-market-selloff/" rel="noopener noreferrer nofollow">Binance Coin Recovers Support Despite Market Selloff</a></li>
 <li><a href="https://cryptonewsland.com/toncoin-defies-market-trends-amid-widespread-selloffs-with-recent-surge/" rel="noopener noreferrer nofollow">Toncoin Defies Market Trends Amid Widespread Selloffs with Recent Surge</a></li>
 <li><a href="https://cryptonewsland.com/german-government-continues-bitcoin-selloff-amid-market-tensions/" rel="noopener noreferrer nofollow">German Government Continues Bitcoin Selloff Amid Market Tensions</a></li>
</ul>
<p>The post <a href="https://cryptonewsland.com/bitcoin-whales-drive-market-dynamics-amid-price-fluctuations/" rel="noopener noreferrer nofollow">Bitcoin Whales Drive Market Dynamics Amid Price Fluctuations</a> appeared first on <a href="https://cryptonewsland.com" rel="noopener noreferrer nofollow">Crypto News Land</a>.</p>

Bitcoin Whales Drive Market Dynamics Amid Price Fluctuations

Crypto News Land

Các bài viết khác được xuất bản trên 14 thg 7, 2024

Beginner’s Guide to Efficient Bulk NFT Transfers

Leveraged Bitcoin ETFs: Risky Bets or High Rewards?

Who is Bitcoin's Satoshi Nakamoto? Unveiling the Mystery

Here’s Why Internet Computer (ICP) Price is Pumping

What’s the Scoop? MOONHOP’s 1000% ROI Outshines Book of Meme & Solana's BONK; Grab this Prime Pre...

Nearly half of investors still believe in cryptos despite recent falls!

Tham gia bản tin miễn phí của chúng tôi để cập nhật tin tức về tiền điện tử hàng ngày!