From June 20 to June 21, total cryptocurrency market capitalization plummeted 3.9%, near a five-week low at $2.34 trillion. Bitcoin (BTC) fell 4.2%, Ether (ETH) fell 4%, and BNB (BNB) faced a 4.2% correction, pulling the entire market into a bearish sentiment.
🔍 Bitcoin sell-off in Germany:
Rumors suggest that the German government's massive Bitcoin sale 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. This money, confiscated from pirated movie site Movie2k, is believed to was moved to Kraken, Bitstamp and Coinbase, suggesting a significant sell-off.
💰 MicroStrategy BTC purchases:
In contrast, MicroStrategy announced on June 20 that it had purchased an additional 11,931 BTC for $786 million, effectively fending off German selling pressure. This purchase would have offset a two-day net outflow of $292 million from US Bitcoin spot ETFs.
📊 Macroeconomic concerns:
The real problem may lie in traditional finance. Negative macroeconomic data has shaken investor confidence, as the US stock market is about to experience a "three witches" event, where $5.5 trillion in derivative assets are about to expire. . This, coupled with weak economic indicators from the US, France, Germany and the UK, has spooked traders.
📉 Conclusion:
While Germany's Bitcoin sale may have played a role, the broader market turmoil appears to be 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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Cryptocurrency Market Plunges
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