The UEFA Euro 2024, also known as the European Nations Cup, will be held in Germany from June 14 to July 14. In today's quarterfinals, Spain defeated host Germany 2-1 in the extra time and advanced to the final four. This is the first time that Germany has failed to advance in the quarterfinals (it advanced to the semifinals in all four previous times), which made fans very disappointed.
Brother Sun: Germany will lose because it sells too much BTC
In the face of Germany's defeat, Tron founder Justin Sun sarcastically said on X this morning: The reason why the German team lost the game in this European Championship may be because they sold too many Bitcoins.
The official account of the museum: full love, no waste of good skirts.
Since June 19, the German government has continued to transfer large amounts of Bitcoin to exchanges, bringing huge selling pressure to the market. On July 4, Justin Sun announced on X: "I am willing to negotiate with the German government to purchase all BTC off-site to minimize the impact on the market."
I can only say that Brother Sun is really good at grasping hot topics.
Mt.Gox repayment crash ends in October! Analysts: Bitcoin unrealized profits are high and there is still new selling pressure
Mt.Gox, once the world's largest Bitcoin exchange, was hacked in 2014 and 850,000 Bitcoins were stolen. After 10 years of bankruptcy proceedings, compensation finally began in July. It is expected that before October this year, Mt.Gox will pay 142,000 BTC and 143,000 BCH to creditors.
Mt.Gox announced on the 5th that it has begun to repay debts to creditors through various cryptocurrency exchanges as planned, but because the creditors receive repayments through different cryptocurrency exchanges, the specific time of receiving repayments will also vary.
The initiation of repayment by Mt. Gox, coupled with the fact that the German and US governments have recently transferred large amounts of bitcoin to exchanges, suspected of selling coins for cash, are considered by the market to be the culprits that have dragged down Bitcoin's recent trend. Bitcoin fell to as low as $53,485 this week, the lowest level since February.
According to Arkham monitoring, Mt. Gox transferred 47,229 BTC (US$2.71 billion) from its cold wallet on the 5th, of which 1544.7 BTC (US$84.9 million) were sent to the exchange Bitbank, and another 1157.1 BTC were sent to an unknown address, which may be another repayment exchange.
The German government's wallet once again transferred 1,000 BTC to CEX and other addresses
On July 8, Arkham data showed that at 14:48 Beijing time, the wallet address marked as "German Government" transferred 250 bitcoins to Coinbase and Bitstamp respectively, and another 500 bitcoins to the address starting with 139PoPE1b.
BTC falls below $55,000, ETH falls below $2,900
OKX market data shows that BTC fell below $55,000 and is now trading at $54,925 per coin, down 3.36% on the day. ETH fell below $2,900 and is now trading at $2,887 per coin, down 2.9% on the day. In addition, SOL fell below $130 and is now trading at $128 per coin, down more than 6% on the day.
In the past hour, the BTC contract liquidation of the entire network exceeded 21 million US dollars, and the contract liquidation of the entire network was 64 million US dollars.
Coinglass data shows that in the past hour, the cryptocurrency market has a total of $64.3541 million in contracts liquidated, including $1.5557 million in short positions and $63.3287 million in long positions. BTC liquidated $21.0299 million and ETH liquidated $13.0355 million.
Justin Sun: Gas-free stablecoin transfer solution will be launched in Q4! Be the first to support TRON
Stablecoins have now become an important part of the cryptocurrency market, but users often have to pay additional gas fees when transferring stablecoins, causing a lot of trouble. However, Tron founder Justin Sun tweeted on the 6th that his team is developing a new solution that can realize stablecoin transfers without gas fees.
This means that when performing stablecoin transfers, users will not have to pay any Gas fees, and the fees will be borne entirely by the stablecoin itself. Sun Yuchen said: This innovation will first be implemented on the TRON blockchain, and then support Ethereum and all EVM-compatible public chains. We expect to launch this service in the fourth quarter of this year. I believe that similar services will greatly facilitate large companies to deploy stablecoin services on the blockchain and bring the large-scale adoption of blockchain to a new level.
Artemis, a cryptocurrency data analysis platform, released data at the end of last month pointing out that Tron currently ranks first in the market share of P2P stablecoin transfers. The amount of P2P stablecoin transfers on Tron has always been 2-3 times that on Ethereum, which shows that Tron has promoted more stablecoin payments and transfer activities.
I can tell you responsibly that the German government’s plan to sell Bitcoin will not be stopped because of anyone’s calls or intervention.
This plan was finalized after long discussions and careful deliberation by officials from various ministries. Once implemented, this plan will be carried out unswervingly to the end.
However, changing your mindset is not a bad thing. The government department publicly sells Bitcoin in exchange for fiscal budgets, which means that Bitcoin has officially become one of Germany's national reserves, thereby helping Germany cope with the economic crisis.
Germans have experienced hyperinflation and truly understand the value of Bitcoin. It is hard to imagine that a country with 1% of the world's population, 8.4% of the number of Bitcoin nodes, has a solid popular base.
This move not only reflects the government's foresight and flexibility in fiscal management, but also provides a model for reference for other countries.
However, this is good for Bitcoin in the long run, but it is not very friendly to the price of Bitcoin. As mentioned earlier, once the selling plan is implemented, this plan will be implemented unswervingly to the end.
The German government has only sold 10,000 Bitcoins (BTC) so far, ranging from a few hundred to a thousand each time, and there are more than 40,000 to be sold. If the German government continues to dump the market, the price of Bitcoin will definitely plummet after the news is released. If you don't know how much selling pressure there is, you can refer to Grayscale's last selling situation.
Coupled with the impact of the Mentougou incident, the current Mentougou compensation narrative is no less than the Fed's interest rate cut narrative. If the second phase of compensation begins, it will undoubtedly bring huge pressure to Bitcoin!
