Tag: retreats

  • Bitcoin retreats as German government selling intensifies

    Bitcoin retreats as German government selling intensifies

    • Bitcoin (BTC) price fell to under $56,000 as the German government sold more BTC
    • On-chain data shows Germany sent more than 16,000 BTC to exchanges on Monday – the largest transfers in a single day.

    Bitcoin price fell below $56,000 again on Monday, dropping by about 2% at the time of writing as Germany took its BTC selling spree to a new level.

    Per on-chain data tracking the Bitcoin held by the German government, Monday saw more than 16,000 BTC sent to crypto exchanges – the largest such dump by the government-controlled wallet in a single day.

    The selling intensified amid transfers of 2,700 BTC, 5,200 BTC and 8,100 BTC in quick succession over a two hour period.  

    “The German Government sent another 5200 BTC ($297.3M) to Kraken, Bitstamp, Coinbase and 139Po right after we posted this tweet. That makes this the biggest day for them so far – over 16,000 BTC in total,” the Arkham team posted on X.

    Bitcoin price dips amid sell-off

    Bitcoin reaction to the selling, which has persisted over the last few weeks, saw Bitcoin price dip from intraday highs of $57,877 to around $55,130.

    Germany seized 50,000 bitcoin from Movie2k earlier this year. Over the last few days, it has accelerated its selling to see the total holdings reduce rapidly to 23,787 BTC at the time of writing. The bitcoin’s value reached over $3.6 billion when BTC price skyrocketed to it’s all-time high in March.

    However, with more than half sold and BTC price hovering around $55.8k, the total value of the BTC has dropped to $1.34 billion.

    Bitcoin price has declined more than 10% in the past week.

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  • Bitcoin retreats below $18k as Fed raises interest rate to a 15-year high

    Bitcoin retreats below $18k as Fed raises interest rate to a 15-year high

    • Bitcoin has dropped below the $18k once again following its rally earlier this week.

    • The Federal Reserve raised interest rates by half a point a few hours ago.

    • The total crypto market cap continues to stay above $800 billion.

    Federal Reserve raises interest rate once again

    The Federal Reserve announced on Wednesday that it had raised its benchmark interest rate to the highest level in 15 years. Thus, indicating that the fight against inflation in the United States is not over. 

    The interest rate was increased by half a point, taking it to a targeted range between 4.25% and 4.5%. This latest cryptocurrency news put a halt to Bitcoin’s recent rally. The leading cryptocurrency is down by less than 1% in the last 24 hours and is now trading below $18k. At press time, the price of Bitcoin stands at $17,737. 

    The broader crypto market has also been underperforming, having lost more than 1% of its value in the last 24 hours. The total cryptocurrency market cap now stands at around $860 billion.

    Key levels to watch

    The BTC/USD 4-hour chart remains bullish despite Bitcoin underperforming over the past 24 hours. In the last seven days, BTC has added more than 5% to its value.

    The MACD line remains above the neutral zone, indicating that the bulls have not given up control of the Bitcoin market. The 14-day relative strength index of 54 also shows that Bitcoin has not yet entered the oversold region.

    If the bears gain bigger control, Bitcoin could decline below the $17,090 support level over the next few hours. However, the bulls still maintain a level of control, and BTC could recover from this slight dip. If that happens, BTC could be trading above $18k soon again.

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