Despite a brief dip below ,000 on June 23, bitcoin has demonstrated formidable resilience by closing above this pivotal level for 118 days in 2024. According to QCP Capital, the cryptocurrency continues to hold strong against various market pressures, including substantial governmental sell-offs. QCP Capital Foresees Bitcoin Holding K Line, Despite Recent Market Pressures In […]
Bitcoin News
US Government Transfers $243 Million in Seized Bitcoin to Coinbase
On June 26, 2024, the U.S. government transferred 3,940 bitcoins, valued at 3 million, originating from a darknet market dealer. This batch of BTC was directed to an exchange address tagged as Coinbase. U.S. Law Enforcement Moves 3,940 Bitcoin The U.S. government executed this transfer of 3,940 BTC valued at 3 million. This action by […]
Bitcoin News
Latam Insights: Salvadoran Government Introduces Bitcoin Banking Bill, Bitcoin to Compete With Other Currencies in Argentina
Welcome to Latam Insights, a compendium of Latin America’s most relevant crypto and economic news during the last week. In this issue: The Salvadoran government pushes a bitcoin banking bill, president Milei states bitcoin will compete with other currencies in Argentina, and the Wasabi Wallet lead dev declares that bitcoin developers “have failed” El Salvador. […]
Bitcoin News
US Government to Report Seized Crypto as ‘Nonmonetary Property’
The Federal Accounting Standards Advisory Board (FASAB) has clarified that seized crypto assets should be treated as “nonmonetary property” while central bank digital currencies (CBDCs) should be treated as monetary instruments. The federal authority claims that cryptocurrencies “do not typically possess all monetary characteristics,” emphasizing that they “are not effective as a unit of account, […]
Bitcoin News
US Lawmaker Urges Nigerian Government to Grant Humanitarian Release for Jailed Binance Employee
Two U.S. lawmakers, French Hill and Chrissy Houlahan, have added their voices to calls for the release of jailed Binance executive Tigran Gambaryan. The lawmakers made this call shortly after visiting Gambaryan at Nigeria’s notorious Kuje Prison. Hill believes that Gambaryan is being wrongfully detained on charges related to money laundering. Prison Officials Accused of […]
Bitcoin News
Bitcoin Market Alert: German Government Agency Sends $425M Worth Of BTC To Exchanges
Bitcoin (BTC) recently plunged to a one-month low of ,000, causing concern among bullish investors who now fear impending selling pressure and a potential retest of lower support levels.
Adding to these concerns, it has come to light that a wallet belonging to the German police has moved 5 million worth of BTC to cryptocurrency exchanges, according to on-chain data firms. This development has sparked speculation about the agency’s intentions and potential market impact.
Selling Pressure Concerns
On Wednesday, crypto data analytics firm Arkham detected a significant cryptocurrency wallet named “German Government (BKS),” transferring 6,500 BTC, equivalent to 5 million.
The wallet, which had held over 50,000 BTC since the end of January 2024, moved the funds to a new address. Some of the transferred BTC was sent to popular exchanges Kraken and Bitstamp.
The recent movement of BTC by the German government agency follows a significant seizure of 50,000 BTC in January. At the time, it was regarded as the largest cryptocurrency seizure ever conducted in Germany.
The bulk of the BTCs were seized by German police, with the suspects voluntarily transferring them to official wallets provided by the German Federal Criminal Police Office (BKA). Currently, the government wallet contains 43,350 BTC with a total value of over .8 billion.
Crypto analyst Daan Crypto Trades suggested that transferring BTC from the German government’s wallet to exchanges may have contributed to the emergence of short positions and a slight dip in Bitcoin’s price during Wednesday’s trading session. This move raises concerns about potential selling pressure in the market and its impact on Bitcoin’s price trajectory.
Bitcoin Faces Downtrend Signal
Regarding price action analysis of the largest cryptocurrency on the market, BTC is at a crucial juncture as analysts offer contrasting perspectives.
Technical analyst Ali Martinez suggests a potential continuation of the downtrend as Bitcoin’s recent breach of the +0.5σ market value to realized value (MVRV) price band at ,890 indicates the potential for a correction toward the mid-price band at ,930.
Martinez points out that when the MVRV is below the 1-year simple moving average (SMA), it often signals a downtrend. This analysis suggests BTC may experience further downward price pressure due to the heavy distribution near the top.
In contrast to Martinez’s bearish outlook, another analyst who goes by the pseudonym “Titan of Crypto” remains bullish on the Bitcoin bull market.
The analyst points to the Parabolic SAR indicator and the LMACD (Logarithmic MACD) on the 2-month chart, indicating that the bull market is still intact. According to the analyst, these indicators suggest that BTC’s bullish momentum remains intact.
However, the future direction of Bitcoin’s price remains uncertain, with investors cautiously navigating the evolving market conditions.
At the time of writing, BTC was trading at ,850, down over 7% in the last seven days alone, demonstrating the bearish sentiment surrounding the Bitcoin market.
Featured image from DALL-E, chart from TradingView.com
Salvadoran Government Introduces Bitcoin Banking Law Reform
The Salvadoran government has presented an initiative to accelerate the inclusion of Bitcoin and other cryptocurrencies in its investment banking sector. The banking law reform introduced to the National Assembly would allow private investors to constitute banks that can provide services in Bitcoin and stablecoins for sophisticated investors Salvadoran Government Presents Bill to Allow Private […]
Bitcoin News
Tesla CEO Elon Musk Warns Against Government Overregulation
Tesla CEO Elon Musk has expressed concern that excessive government expansion leads to more regulators than participants, negatively impacting the system. Musk acknowledged the need for regulators but stressed they should not outnumber players. He reiterated that the government should act as a referee, setting sensible rules without hindering industry progress. Elon Musk Says Government […]
Bitcoin News
FBI Warns of Rising Government Impersonation Scams Demanding Crypto
The Federal Bureau of Investigation (FBI) Portland Division warned the public this week about a surge in scammers impersonating FBI agents and other government officials, demanding cash, gold, or cryptocurrency payments. The FBI stressed that federal agencies do not call or email individuals threatening arrest or requesting money. Scammers spoof caller ID information, making fraudulent […]
Bitcoin News
Liberty Dollar vs. Bitcoin: Why the US Government Shut Down One but Not the Other
The U.S. government successfully shut down the Liberty Dollar, a private currency created by Bernard von NotHaus, while Bitcoin, established by the mysterious Satoshi Nakamoto, continues to thrive outside governmental control. This discrepancy highlights the stark differences between the centralized creation of the Liberty Dollar and the decentralized nature of Bitcoin. Contrasting Currencies — The […]
Bitcoin News