⚠️ DID GERMANY CRASH THE BITCOIN PRICE? ⚠️
🔻 Crypto Market Plunges:
Between June 20 and June 21, the total cryptocurrency market cap plummeted by 3.9%, nearing a five-week low at $2.34 trillion. Bitcoin (BTC) fell 4.2%, Ether (ETH) dropped 4%, and BNB (BNB) faced a 4.2% correction, dragging the entire market into a bearish sentiment.
🔍 Germany's Bitcoin Sell-Off:
Rumors suggest that a large Bitcoin sale by the German government contributed to the market downturn. According to Arkham, a wallet linked to the German government transferred 6,500 BTC (worth $425 million) to exchanges on June 19. These funds, seized from the pirated movie site Movie2k, reportedly went to Kraken, Bitstamp, and Coinbase, suggesting a significant sell-off.
💰 MicroStrategy's BTC Purchase:
Contrary to this, MicroStrategy announced on June 20 that it had purchased an additional 11,931 BTC for $786 million, effectively countering the German sell pressure. This purchase should have offset the two-day $292 million net outflow from U.S. spot Bitcoin ETFs.
📊 Macroeconomic Concerns:
The real issue might lie in the traditional finance sector. Negative macroeconomic data has shaken investor confidence, with the U.S. stock market nearing a "triple witching" event where $5.5 trillion in derivatives are set to expire. This, coupled with weak economic indicators from the U.S., France, Germany, and the UK, has spooked traders.
📉 Conclusion:
While Germany's Bitcoin sale might have played a role, the broader market turmoil seems driven by global economic concerns. As traders navigate these turbulent waters, the focus remains on macroeconomic indicators and traditional market influences.
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