🔼 Here's Why Bitcoin Is Growing
After selling more than $2.5 billion worth of Bitcoin since June 17, the German government is left with approximately 9,100 BTC. These sales were able to reduce the price of BTC by 12.5%
🐋 But large investors did not miss this opportunity and bought Bitcoin throughout the week. This conclusion was made by CryptoQuant analyst Caue Oliveira, who analyzed changes in the balance of the companies’ wallet from 1,000 to 10,000 BTC.
💵 Bitcoin is also growing due to the fall in the US dollar index (DXY). Lower interest rates and higher deficits could weaken the dollar because they raise the potential for more borrowing and concerns about the government's fiscal health.
🪙 A cheaper dollar typically prompts investors to seek yield in riskier assets, including stocks and cryptocurrencies.
