Bitcoin Drops as German Government Unloads Over $900M Worth of BTC
Bitcoin’s price briefly declined to $55,000 following the blockchain transactions.
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Bitcoin’s price briefly declined to $55,000 following the blockchain transactions.
Data from Bloomberg Intelligence shows the spot funds saw net inflows of $790 million even as the price of bitcoin tumbled 7%.
The latest price moves in bitcoin (BTC) and crypto markets in context for July 1, 2024. First Mover is CoinDesk’s daily newsletter that contextualizes the latest actions in the crypto markets.
As bitcoin’s volatility is nearing historically low levels, the crypto market is in need of news or catalysts to bring traders to action, one market participant noted.
BTC plummeted more than 2% in an hour to $65,200 during the U.S. trading session from around the $67,000 area. The leading crypto was down 7.5% over the past seven days
The latest price moves in bitcoin (BTC) and crypto markets in context for June 14, 2024. First Mover is CoinDesk’s daily newsletter that contextualizes the latest actions in the crypto markets.
Tomorrow’s Fed “dot plot” of interest rate projection and forward guidance by Chairman Powell will be key for what’s next for the digital asset market, K33 Research said.
Upcoming consumer price index and labor market data releases in the next few days could be key for what’s next for bitcoin’s price.
One market observer noted “very concentrated call buying” looking to profit from a rally to between $74,000 and $80,000 by the end of this month.
Bitcoin’s slump since March was driven by long-term holders selling, but blockchain data shows the trend has stalled and investors are accumulating BTC, Bitfinex said in a report.