- Germany moved about $500 million of bitcoin to crpyto exchanges.
- The bitcoin price fell to as low as $55,000 before recovering.
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The price of Bitcoin dipped by approximately 3% and reached a low of around $55,000 following some blockchain transactions. Subsequently, it recovered to hover slightly above $56,000, representing a decrease of roughly 1.2% over the preceding 24 hours.
As a researcher studying price trends, I’ve observed that this week’s price action came following last week’s significant drop to a price level not seen since February. Market analysts are attributing this downturn to an oversupply situation emerging during the summer season, which is typically quieter and less volatile in trading volume. Notably, there seems to be a confluence of events: the German and U.S. governments selling seized assets, and the defunct crypto exchange Mt. Gox initiating repayments to its creditors.
According to Arkham’s most recent data, the German government’s Bitcoin holdings have been diminished to approximately 23,800 coins, equivalent to a value of around $1.3 billion, following the latest transactions.
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2024-07-08 18:19