⚡ Crypto Market Passes Stress Test Ahead of Mt. Gox Payouts
posted 9 Jul 2024
Since early July, the German government has liquidated half of its Bitcoin holdings, amounting to about $1.5 billion. This massive sell-off introduced significant downward pressure on the cryptocurrency market.
Lookonchain reports that over $0.9 billion in BTC was transferred just yesterday. However, exchanges likely sent Germany back some of these funds after failing to execute sales within a targeted price range.
Amid recent events, MicroStrategy CEO Michael Saylor shared one of his favorite sayings in German: "Everyone gets Bitcoin at the price they deserve."
Despite the market disturbances, U.S. spot Bitcoin ETFs reported substantial inflows on July 8, totaling $294.9 million, as per SoSoValue. This suggests that investors are comfortable with the current BTC price range.
However, Bitcoin's test is far from over. Upcoming compensations to creditors of the collapsed Mt. Gox exchange are expected to be around $8 billion. Analysts at K33 Research believe that due to these payouts and the introduction of spot Ethereum ETFs in the U.S., ETH may surpass BTC. For more detailed analysis, refer to our article on the website.
However, Bitcoin's test is far from over. Upcoming compensations to creditors of the collapsed Mt. Gox exchange are expected to be around $8 billion. Analysts at K33 Research believe that due to these payouts and the introduction of spot Ethereum ETFs in the U.S., ETH may surpass BTC. For more detailed analysis, refer to our article on the website.
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