👉👉Day Outlook: Bitcoin Trying to Hold on to $57 Thousand 👈👈

Bitcoin (BTC) recovered and rose above $58,000 after falling to $54,000 in European morning hours. It is currently trading around $57,200, down approximately 0.4% in the last 24 hours. The CoinDesk 20 Index rose 0.33% in the same time frame. According to data from CoinGlass, $175 million worth of long positions have been liquidated in the last 24 hours after losing 13% last week, which is very similar to what happened after the FTX collapse.

Germany's bitcoin sales and Mt. Gox's start of refunds deeply affected the crypto market. However, there may be more to come. The Eurozone's largest economy still holds 39,826 BTC worth $2.2 billion, according to data tracked by Arkham Intelligence. Assets that could create potential selling pressure represent approximately 9% of BTC's $25.3 billion 24-hour trading volume. It seized 49,857 BTC from the operators of the privacy platform Movie2k.to, which was last active in 2013. The government has liquidated more than 10,000 of them since mid-June, putting downward pressure on the cryptocurrency's market rate.

In its research report published today, investment bank Jefferies reported that bitcoin mining was more profitable in June than in May, as the price of the cryptocurrency increased by 2%, the network hash rate decreased by 5% and the market adjusted to the effects of the halving. According to analyst Jonathan Petersen, "June was a modest recovery month from the immediate effects of the halving, which was most felt in May." The quadrennial reward halving that took place in April saw miners reduce rewards by 50%, slowing the growth rate in bitcoin supply. The chart shows the distribution of BTC's 17% decline in four weeks by time zone.