Bitcoin

Germany begins selling its billions of bitcoins, sparking volatility fears

Published

7 months ago

21 June, 2024

Germany begins selling its billions of bitcoins, sparking volatility fears

The German government is beginning to sell its considerable stockpile of Bitcoin which was seized from the operators of a movie piracy website, sparking concerns about its potential impact on the cryptocurrency market.

The government apparently sold more than $195 million worth of BTC in the last 24 hours, according to to blockchain analytics firm Arkham, and moved even larger sums on Wednesday between multiple wallets.

This significant move follows a recent pattern of large-scale Bitcoin transactions initiated by German authorities, with substantial amounts being funneled to major exchanges such as Coinbase, Kraken and Bitstamp. This could hint at even more sales to come.

In the latest transactions, the German government transferred US$65 million in BTC for probable exchange deposits, adding to the US$130 million moved yesterday. Despite these apparent massive sales, German authorities still hold a substantial $3.05 billion worth of Bitcoin.

This extensive cache of Bitcoin, nearly 50,000 BTC, was originally seized from the operators of Movie2k.to, a movie piracy website that was last active in 2013. The Bitcoin was transferred to the German Federal Criminal Police Office (BKA ) in mid-January. a voluntary surrender of the suspects, by Arkham.

The large-scale sale has already had a notable impact on Bitcoin’s market price, according to Robert Quartly-Janeiro, chief strategy officer at crypto exchange Bitrue. He also believes this suggests a bearish outlook for the German government.

“Having seen slippage in the price of BTC, the German government is releasing significant portions of BTC and considered that the price of BTC should slow down for a while,” he said. Decrypt. “It is worth remembering that the sold BTC was seized due to illicit activities, so what is more interesting is what the German government is planning to do with the capital once it is sold.”

He added that as a result, the size of the selloff dragged BTC lower. Bitcoin is down around 0.5% in the last 24 hours to a current price of around $64,700, pushing its 14-day decline to nearly 9% at the time of this writing. Quarterly-Janeiro believes there is clearly a strategy at play and that the timing of the next tranche to be sold will be revealing.

“Could they close the position completely? Maybe so,” he said.

Ben Kurland, CEO of token management platform DYOR Labs, highlighted the historic implications of such sales in a comment to Decrypt.

“Historically, significant Bitcoin sales by governments lead to immediate price drops and short-term volatility,” he said. “The medium-term effects could vary, however, prolonged selling would cause further declines as negative sentiment grows. The remaining BTC is sold or withdrawn from exchanges, as government-held BTC is unlikely to remain on centralized exchanges for long.”

The ongoing sell-off by the German government has injected a dose of volatility into the crypto market, with investors and market analysts keeping an eye on new moves and potential impacts on the price of Bitcoin.

James Davies, Co-Founder and Chief Product Officer at Crypto Valley Exchange, said Decrypt that he does not believe there is “any market sentiment behind” the sale, and that it is likely “more a function of not holding assets in Bitcoin” with the police department “simply slowly liquidating this seizure.”

In any case, he expects it to be a “favorable time for OTC traders” but one that will result in “some short- to medium-term volatility for the rest of us.”

Edited by Andrew Hayward

The views and opinions expressed by the author are for informational purposes only and do not constitute financial, investment or other advice.

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Bitcoin

What to watch for in the markets

Published

6 months ago

21 July, 2024

SatoshiTimes Staff

Photo: Andrew Harnik (Getty Images)

After witnessing one of the largest global IT outages on record, affecting the travel, finance and healthcare sectors worldwideThis week is set to see more political drama, events, and earnings reports from tech giants.

Donald Trump’s ‘Lovefest’ Sets Jamie Dimon Up for Consideration for Treasury Secretary Job

Let’s take a look at what awaits us:

Major companies will release their earnings reports

Major tech companies and others will release their earnings reports this week, paving the way for what the second half of 2024 will look like.

Monday

Verizon will report earnings before the start of operations.

Tuesday

Coca-Cola, Comcast and UPS are all set to report earnings before the market opens.
Tesla will report earnings in the morning, while General Motors will report earnings in the evening.
Alphabet and Visa will report results after the market closes.

Wednesday

AT&T will release its report before the market opens.
Ford and Chipotle will report earnings after the market closes.

Thursday

Earnings reports from AstraZeneca, American Airlines and Southwest Airlines will be released before the market opens.

Trump to speak at Bitcoin conference

Presumptive Republican presidential nominee Donald Trump will speak at the next Bitcoin Conference in Nashville, Tennesseewhich is scheduled for July 25-27. While this is the first time a presidential candidate will attend the conference, it has sparked a debate over whether the crypto-friendly Trump will receive support from the crypto community in the upcoming election.

In addition to Trump, independent presidential candidate Robert F. Kennedy Jr. will also discuss crypto during the conference. Crypto advocates such as ARK Investment’s Cathie Wood, MicroStrategy’s Michael Saylor, and whistleblower Edward Snowden are among some prominent names who will be participating in the conference.

Ether ETFs are on the way

New Ether Spot ETFs are set to begin trading on Tuesday, July 23. Much like the spot Bitcoin ETFs, these ETFs will allow investors to buy the second most popular cryptocurrency like stocks. BlackRock, Ark Invest/21Shares, VanEck, Grayscale, Fidelity, Bitwise, Franklin Templeton, and Invesco/Galaxy Digital are all set to offer Ether ETFs. Crypto asset manager Bitwise predict that trading in the Ether ETF will drive the price of Ether higher, potentially surpassing $5,000.

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Bitcoin

Cryptocurrency’s Biggest Winners and Losers in a Second Trump Presidency

Published

6 months ago

21 July, 2024

SatoshiTimes Staff

Cryptocurrency’s Biggest Winners and Losers in a Second Trump Presidency

Bitcoin miners and cryptocurrency companies that have been blocked from going public in the U.S. could ultimately be the biggest winners in the digital asset world under a second Donald Trump presidency. Foreign companies at risk of losing market share could end up being the biggest losers.

That’s the view that’s taking hold among market participants and observers in the wake of the former president’s growing embrace of cryptocurrency as his chances of election grow. survey released Thursday by CBS News showed Trump with the majority — 52 percent — of likely voters in his likely November rematch with President Joe Biden.

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Bitcoin

Bitcoin, Ethereum, Solana and Cryptocurrency Markets Look Ready to ‘Send’ as Stars Align, According to Investor Chris Burniske

Published

6 months ago

21 July, 2024

SatoshiTimes Staff

Bitcoin, Ethereum, Solana and Cryptocurrency Markets Look Ready to ‘Send’ as Stars Align, According to Investor Chris Burniske

Cryptocurrency investor Chris Burniske says Bitcoin (BTC), Ethereum (ETH), Solana (SUN) and the cryptocurrency market in general seem poised for a run.

Former Head of Cryptocurrency at ARK Invest account his 292,200 followers on social media platform X that several catalysts are aligning, suggesting that digital asset markets are on the verge of a bull run.

According to Burniske, a partner at venture capital firm Placeholder, the highly anticipated launch of Ethereum-based exchange-traded funds (ETFs), Republican presidential candidate Donald Trump speaking at an upcoming Bitcoin event, and the current state of the BTC, ETH, and SOL charts all suggest significant optimism for the cryptocurrency markets.

“With ETH ETFs set to go live, Trump speaking at The Bitcoin Conference, and BTC, ETH, and SOL charts looking [they do] (while stocks are weak), it’s hard to imagine a world where we don’t ship next week.”

Reuters recently reported that preliminary approval for ETH ETFs has been granted as the Bitcoin Conference is scheduled to take place from July 25-27.

BTC, ETH, and SOL are trading at $67,333, $3,528, and $174 at the time of writing, respectively.

The venture capitalist too provides an update on his prediction that the total crypto market cap will eventually hit $10 trillion. According to his chart, the path to $10 trillion is currently “23%” complete, as it sits around $2.2 trillion.

Source: Chris BurniskeX

Earlier this month, Burniske he said in an interview with Real Vision CEO Raoul Paul that he has his eye on the Move ecosystem, which was originally built by social media giant Meta and then used to develop layer 1 blockchains Sui (IUE) and Apts (APT).

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Bitcoin

Here’s the next target for BTC before bulls can hold out for $70K

Published

6 months ago

21 July, 2024

SatoshiTimes Staff

Here’s the next target for BTC before bulls can hold out for $70K

Bitcoin’s recovery is going well, and the market is seemingly poised to create a new all-time high in the near term.

Technical analysis

Per NegotiationRage

The daily chart

As the daily chart shows, the price of Bitcoin has been rising since it broke above the 200-day moving average.

The market has also reclaimed the $60K and $65K levels and is moving towards the $68K resistance zone, which could be the last hurdle before creating a new all-time high. With the RSI also indicating that the price has clear bullish momentum, it could be just a matter of time.

Source: TradingView

The 4-hour chart

Looking at the 4-hour chart, it is evident that the price has been rising rapidly since breaking the downtrend line to the upside. The market also broke the $65K resistance level with momentum, turning it into a support.

While almost everything points to a new record high in the coming weeks, there is one worrying sign. The RSI is showing a clear bearish divergence between recent price highs, which could indicate a correction or even a reversal in the near term.

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