CoinDesk reports:
Bitcoin breached multiple support levels intraday, with cryptocurrency stocks trending lower in pre-market trading. MicroStrategy fell over 9%, Riot Blockchain over 7.5%, CleanSpark nearly 7%, and Coinbase more than 6%.
On the news front, Bitcoin fell below $54,000 per coin, marking a 7.5% decline intraday. Ethereum also saw a drop of over 6%. Additionally, according to reports, the German government has reportedly transferred another portion of its substantial Bitcoin reserves to exchanges. Blockchain data indicates that the Federal Criminal Police Office of Germany (BKA) moved approximately $75 million worth of Bitcoin in multiple transactions on July 4th. These funds were distributed across exchanges including Coinbase, Kraken, and Bitstamp. Since mid-June, the German government has transferred around $315 million worth of Bitcoin to various platforms