Cryptocurrency markets are showing clear signs of recovery after a quiet Independence Day holiday. Bitcoin prices rose strongly, reaching a high of $59,300 before retreating slightly as market participants focused on possible sales of Mt. Gox Bitcoin and the German government's continued transfers to exchanges and market makers.

Although the market lost $600 million last week as Bitcoin fell to its lowest level since February, liquidations at the beginning of this week were only $100 million, indicating that market sentiment has stabilized. Meanwhile, the U.S. Bitcoin exchange-traded fund (ETF) recently attracted $438 million in funds, bringing its total asset value to $49.3 billion, and trading volume hit a new high since June 25.

Market concerns about Mt. Gox and Germany's continued sales pressure are somewhat exaggerated. The German government has transferred about two-thirds of its confiscated Bitcoins and still has more than $1.6 billion in Bitcoin. However, according to Ryan McMillin, chief investment officer at Merkle Tree Capital, the worst of the German sell-off appears to be a thing of the past.

In addition, the asset distribution plan of bankrupt cryptocurrency exchange FTX is expected to distribute about $16 billion in cash to cryptocurrency investors in September or October of this year, which may become a significant bullish factor in the coming months. #美联储何时降息？ #美国大选如何影响加密产业？ #德国政府转移比特币 #BTC☀