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The German government sells BTC again, putting pressure on the market
The German government (BKA) has recently sold a large amount of cryptocurrency, including $900 million worth of Bitcoin, which has raised concerns about the market's selling pressure on BTC. On July 8, about 16,309 Bitcoins were sold through multiple transactions, setting a record for the largest single-day liquidation. Some of the funds flowed into mainstream exchanges and market makers. It is worth noting that 700 BTC worth more than $38.5 million were transferred to an unknown wallet named "139Po", which has multiple transactions with German government funds. The sell-off caused a sharp drop in the price of Bitcoin, from a high of $58,200 to a low of $54,278, a drop of 6.75%. The German government has sold more than half of its Bitcoin since June, and its current holdings have been reduced to 23,788 BTC, worth about $1.3 billion. The entire crypto market has also triggered large-scale liquidations due to this sell-off, with a total of $425 million in leveraged positions being closed. To a low of $54,278, a drop of 6.75%. The German government has sold more than half of its Bitcoin since June, and its current holdings have been reduced to 23,788 BTC, worth about $1.3 billion. The entire crypto market has also triggered large-scale liquidations due to this sell-off, with a total of $425 million in leveraged positions being closed.
Recently, the Bitcoin market has been significantly volatile. Over $189 million in Bitcoin positions were liquidated in the past 24 hours, including $87 million in just 12 hours. Of this, $81 million is a long position and $107.97 million is a short position. Currently, Bitcoin finds support at $54,700, but a drop below this level could trigger the liquidation of $750 million in leveraged long positions.
Meanwhile, the repayment process for Mt. Gox's creditors has been initiated. According to a statement on July 5, Nobuaki Kobayashi has begun to repay some creditors in BTC and BCH through designated exchanges, involving an amount of up to $9 billion and additional funds. As part of this repayment plan, the cryptocurrency exchange Bitstamp plans to quickly distribute the Bitcoin repayment it received to Mt. Gox's creditors. Although Bitstamp has up to two months to repay these bitcoins after receiving them, the existence of this time window has also increased the market's selling pressure. Data from blockchain analysis company Arkham Intelligence shows that $2.71 billion worth of Bitcoin has been transferred from Mt. Gox-related wallets, and these funds are mainly used to repay creditors.
2
Investors buy the bottom of Bitcoin ETF, with a daily increase of $295M
Amid the sluggish cryptocurrency market, the US-listed spot Bitcoin ETF recorded the largest single-day inflow in more than a month. Despite the overall sluggish cryptocurrency market, on July 8, the US Bitcoin ETF recorded the largest single-day net inflow in more than a month, reaching $295 million. Among them, BlackRock iShares and Fidelity Wise Origin inflows of $187.2 million and $61.5 million respectively. The market is concerned about the German government's sale of BTC and Mt. Gox's repayment pressure, but ETFs are still sought after.
The German government has transferred a large amount of BTC, and the market is worried about the repayment of Mt. Gox creditors. The German government has transferred more than 26,200 BTC worth $1.5 billion to exchanges and market makers. According to Arkham Intelligence data, it still holds 27,460 BTC in reserves. At the same time, Mt. Gox creditors are about to repay, and the market is worried that $8.5 billion of BTC may flow into the market in the future. This may be due to investors' concerns or excessive concerns about Mt. Gox's Bitcoin sales. It is also worth noting that the price of Bitcoin has experienced a sharp drop in recent days, falling to $53,600 on July 5, the first time the asset has fallen below the key point of $54,000 since February.
Today's recommendations are KEY, RUNE, ONG, and DATA.
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KEY
KEY coin, also known as MoMo Key (KEY), is a digital token with a core algorithm of BEP-20, based on the base chain Bscscan. KEY coins can be obtained by placing LP or stablecoins (BEP20) into MOBOX crates, which can unlock crates that mint unique NFTs on the MOBOX.io platform. Today it has risen to 0.04785 and is currently priced at $0.0474.
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RUNE
RUNE is a decentralized liquidity protocol token that allows users to seamlessly exchange cryptocurrency assets on different networks while maintaining full custody of the assets. As the native token of the THORChain network, RUNE is not only used to provide liquidity, participate in network governance, and pay transaction fees, but also as a key part of the security and incentive mechanism. With the growing demand for cross-chain asset transactions, RUNE has gained a solid foundation with its leading position in the field. Its token economic model emphasizes the security requirements of nodes. Nodes need to bind an equivalent amount of RUNE to ensure network stability, which also brings a lot of market demand for RUNE. The current price is $3.589.
3
NGO
ONG, also known as Ontology Gas, is a digital currency based on ERC20 tokens and is associated with the SoMee.Social platform1. SoMee.Social is a decentralized social media platform based on the ETH/Waves blockchain. ONG is used to reward community contributors and encourage users to participate in community building. The current price is $0.317.
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DATA
DATA (Streamr DATAcoin) is a digital currency associated with the Streamr platform. Streamr is a decentralized real-time data streaming network based on blockchain, aiming to make data more open, accessible and valuable. DATA coin holders can participate in the governance and decision-making process of the Streamr network, and influence the development direction and rule-making of the network through voting and other means. The current price is 0.0385 USD.
Club Recommendation Review
1.【acre】
Akro, as a leader in the Defi sector, has recently topped the list of gains again. Recently, many currencies in the Defi sector, such as Beta and Lever, have emerged and occupied a prominent position in the list of gains. For Akro, a small-cap currency that has no contracts on BN, our team gave a clear holding suggestion in the afternoon survey, that is, buy at around 0.0047. Soon after, Akro ushered in a wave of rapid growth, and the current price has climbed to 0.0056, an increase of more than 15%. We have once again successfully grasped the pulse of the market and accurately captured the hot spots.
2.【RAY】
Like AKRO, RAY is also a token project on Binance that only has spot but no contracts. As expected, this type of token is the easiest to rise, and you can also look for potential targets to ambush in this way. The club found that RAY has been consolidating at the bottom for too long and has signs of rising, so it chose to ambush. It is recommended to open a position at 1.5, and the highest rise is 1.81, an increase of more than 20%.
Anything produced by Wujie must be of high quality.
Unbounded Club is a crypto community club focusing on primary projects, secondary transactions, airdrop tutorials and on-chain capture. The club provides market analysis, trading strategies, the latest airdrop information and project investment opportunities, and is committed to helping club members obtain comprehensive information in the Crypto field.
Thank you for reading this. A-li is with you. I wish you a happy life. Good morning, good afternoon, good night, and see you next time. #BTC_Bounce_Back_to_57k #runecoin #ONG #DataAnalytics #Ton_Coin_Surge