🚨 Is Germany's sell-off + Mt.Gox repayment plan the ultimate killer of the Bitcoin bull market?
Hey, fellow cryptocurrency community members! 👋 According to the latest news, the German government has sold a total of $354 million worth of Bitcoin, and it seems that they still have half of the Bitcoin ready to sell. Does this mean that the Bitcoin bull market is coming to an end? 🤔
Don't worry, let's review the market in the past few weeks. The German government's operation did put pressure on the market, and the price of Bitcoin fell from a high of more than $60,000 to more than $50,000. But the market is not surprised by this, after all, these sold Bitcoins have been digested by the exchange.
However, the good news is that brokers of Bitcoin spot ETFs have bought $654 million worth of Bitcoin in the past three days. This strong buying directly pushed the price of Bitcoin back from $53,000 to more than $59,000, completely offsetting the impact of the German government's sell-off.
But don't forget that the sellers in the market also have a repayment plan for Mt.Gox's creditors. Some people believe that another 140,000 bitcoins may flow back to the market. Doesn't it sound more nervous? 😨
But I am not pessimistic about the behavior of Mt.Gox's creditors.
As early investors in Bitcoin, they have a deep understanding of this cryptocurrency and a firm belief in its long-term value. Looking back to 2010, when the future of Bitcoin was uncertain, they still chose to invest time and resources in Mt.Gox to buy Bitcoin, which reflects their deep trust in Bitcoin. Based on this, I believe that these investors are unlikely to cash out Bitcoin immediately after receiving compensation.
Moreover, the market has long anticipated the impact of the Mt.Gox incident and it has been reflected in the price. The continued strong inflow of funds from Bitcoin spot ETFs shows that the market demand for Bitcoin is still strong.
Therefore, I am still optimistic about the medium- and long-term performance of Bitcoin, and I believe it will show strong growth momentum in the second half of this year.
What do you think? Do you think Bitcoin can survive this wave of challenges? Feel free to speak in the comments section! 🗣️
