đą Key Reason Why Bitcoin (BTC) Is Crashing Despite Surging Stocks: đ€đ€
đ„Is the selling spree initiated by the German government responsible for Bitcoin's underperformance?
âïž The price of Bitcoin, the largest cryptocurrency by market cap, is losing ground despite the strength of the US stock market.Â
âïž The flagship cryptocurrency slipped to an intraday low of $64,544 after reaching a peak of $66,436, according to CoinGecko data.Â
đș The recent bearishness could be related to the Bitcoin selling spree initiated by the German government. According to data provided by analytics platform Arkham Intelligence, the German government sent $65 million to two likely exchange deposits including Coinbase. Notably, Ki Young Ju, founder and CEO of on-chain analytics platform CryptoQuant, has noticed that selling pressure is primary origination from the Coinbase exchange.
