Bitcoin

Germany Has $2 Billion in Bitcoin (BTC). It’s Scaring Investors

Published

7 months ago

8 July, 2024

Bitcoin is also under selling pressure from the German government, as well as from the collapsed bitcoin exchange Mt. Gox.

Cfoto | Future Publishing | Getty Images

The BKA sold 900 bitcoins in June — valued at approximately $52 million as of Monday — from a massive seizure from a now-defunct movie piracy website, according to on-chain data tracked by blockchain analytics firm Arkham Intelligence.

Last week, the government sold another 3,000 bitcoins worth approximately $172 million. Then, on Monday, German police sold another 2,739 bitcoinsor $155 million in cryptocurrencies.

The government has been sending its cryptocurrency reserves to exchanges like CoinbaseBitstamp and Kraken.

The German government was not immediately available for comment when contacted by CNBC on Monday.

In parallel with these sales, bitcoin saw its price fall dramatically. Bitcoin sank below $55,000 on Friday, hitting its lowest level since February 2024, according to data from CoinGecko.

At one point in the day, the entire cryptocurrency market lost more than $170 billion in combined market capitalization in a 24-hour period, data from CoinGecko showed.

Bitcoin sales in Germany are not the only concern for crypto investors. The cryptocurrency is also under pressure due to the payment of billions of dollars in digital currency by the Bitcoin Exchange Mt. Gox Collapse — which went bankrupt in 2014 — to creditors.

On Friday, Mt. Gox bankruptcy trustee Nobuaki Kobayashi said the company had begun making payments in bitcoin and bitcoin cash to some of its creditors through several designated cryptocurrency exchanges.

Hundreds of millions of dollars is a lot of money. But it’s a drop in the ocean when you look at the overall issuance of bitcoin tokens.

There are about 19.7 million bitcoins in circulation today, worth $1.1 trillion, according to data from CoinGecko.

For investors, however, what matters is how these sales are impacting the market climate.

James Butterfill, head of research at crypto asset manager CoinShares, told CNBC that while “relatively small,” the bitcoin selloffs “did affect market sentiment.”

The price of Bitcoin is still up a good 89% in the last 12 months.

In January 2024, police in the eastern German state of Saxony announced the seizure of around 50,000 bitcoins, valued at around $2.2 billion at the time.

The seizure was labeled by Saxony police as “the largest seizure of Bitcoins by law enforcement authorities in the Federal Republic of Germany to date.”

The funds were seized from the operators of Movie2k.to, a movie piracy website active in 2013, and transferred to a cryptocurrency wallet owned by Germany’s Federal Criminal Police.

According to Arkham Intelligence, which tracks the movements of the German government’s bitcoin wallet, the tokens began moving in 2013, when they were originally seized.

Today, Germany’s BKA holds approximately 32,488 bitcoins. At current prices, the government’s holdings are worth approximately $1.9 billion.

But not everyone is happy with Germany’s decision to sell its bitcoin holdings.

Joana Cotar, a member of the German Bundestag, which is the country’s parliament, said in a post on X last month that instead of selling its bitcoin, the government should hold the token as a “strategic reserve currency.”

Cotar said he wrote to German Chancellor Olaf Scholz, Finance Minister Christian Lindner and Saxony’s Minister-President Michael Kretschmer to tell them that selling bitcoin “is not only unwise, but counterproductive.”

She said she invited German officials to a talk by Samson Mow, a prominent bitcoin influencer, on Oct. 17 at the Paul-Lobe-Haus building in Berlin.

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SatoshiTimes Staff

We are the editorial team of SatoshiTimes, where seriousness meets clarity in cryptocurrency analysis. With a robust team of finance and blockchain technology experts, we are dedicated to meticulously exploring complex crypto markets with detailed assessments and an unbiased approach. Our mission is to democratize access to knowledge of emerging financial technologies, ensuring they are understandable and accessible to all. In every article on SatoshiTimes, we strive to provide content that not only educates, but also empowers our readers, facilitating their integration into the financial digital age.

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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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Cryptocurrency Charts by TradingView.

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