Recently, the market has been filled with negative news, causing concern for investors. Not only do they have to worry about the selling pressure from Mt. Gox’s distribution of Bitcoin, but there are also reports of Germany and the United States government transferring and seizing Bitcoin. As a result, Bitcoin has been under heavy selling pressure, dropping to a low of 58,402 and currently standing at 61,085 at the time of writing, unable to break above the moving average in the short term.
According to on-chain data tracked by Arkham, a wallet associated with the U.S. government transferred 3,940 Bitcoins (approximately $2.41 billion) to Coinbase Prime last night. The U.S. government currently holds 213,546 Bitcoins, worth about $13.1 billion, making it the largest holder of Bitcoin among national governments.
Arkham Research also tracked transactions in the U.S. and found that these 3,940 Bitcoins were initially seized from drug trafficker Banmeet Singh and confiscated in a trial in January 2024.
In addition, the Bundeskriminalamt (BKA), the Federal Criminal Police Office of Germany, transferred a total of 650 Bitcoins (approximately $40.29 million) to the exchanges Coinbase, Bitstamp, and Kraken in the last two days. As of the time of writing, the BKA still holds 45,264 Bitcoins, worth about $2.76 billion.
The Bitcoin Treasuries platform ranks the German government’s Bitcoin holdings as the fourth largest, following the United States, China, and the United Kingdom.
Is it the darkness before the dawn?
In the upcoming month of July, although the market may rebound overall, the magnitude of the rebound is not expected to be significant. If a rebound does occur and stabilizes around 66,000, it would present a good opportunity for altcoins to have a small rally.
There may be opportunities for short-term trading to capture brief but strong profit opportunities. As the U.S. election approaches in the months of August to October, the market may be impacted. However, even if there is no rate cut in September, considering the economic situation after the election, a rate cut in November is almost inevitable.
At that time, with the rate cut and the U.S. election settled, various uncertainties will be eliminated, making the current decline an opportunity, as there will be more suitable price chips. With the approval of Bitcoin spot ETF and the influx of substantial funds, combined with the gradual emergence of deglobalization, there is a possibility for Bitcoin to be used internationally as a settlement system other than gold. Therefore, there is no need to panic about the overall direction.
The bull market fluctuation is an opportunity to get on board!
After three months of continuous washing out, the negative sentiment in the market has reached a breaking point.
Where does this negative sentiment come from? The reasons for the accumulation of negative sentiment in the market mainly include the following:
These phenomena reveal a market law: in a bull market, only about 20% of people can profit. The reason why these people can make money is that they persist until the final stage of the bull market.
The four 100x potential coins about to soar!
OP
Optimism (OP) is a project focused on scaling the Ethereum blockchain. As a second-layer scaling solution for Ethereum, Optimism is built on the Ethereum blockchain to provide faster and cheaper transactions. By using a technology called “optimistic rollup,” Optimism is able to achieve these improvements.
Advantages of Optimism:
– Faster and cheaper transactions compared to the Ethereum mainnet.
– Users can access the growing decentralized finance (DeFi) ecosystem built on Optimism.
– Improved scalability of Ethereum through OP governance.
ORDI
Ordi, a revolutionary open-source cryptocurrency, is dedicated to simplifying and enabling functionality and transactions in different fields. It acts as a bridge between traditional financial systems and emerging crypto finance.
Although SKR is still a newcomer in the current SEO service market, it is steadily growing due to its excellent technical quality and extensive partner network. If it can further expand its user base and continue to improve its technical capabilities, SKR’s market size is expected to experience substantial growth.
PEPE
Pepe (PEPE) is showing mixed signals, with the current price at around $0.000091. Although the recent resistance level is at $0.00001377, the token may target the second resistance level at $0.00001656, indicating an impressive increase of about 35%.
It rose by 15.34% last week, and although it has dropped by 21.02% in the past month, the bulls are still looking for higher gains. The relative strength index is 54.48, indicating room for growth. The 10-day simple moving average is $0.00001274, and PEPE needs to break this level to maintain its upward momentum. The next few days are crucial for the token’s trend.
SSV
SSV is a decentralized protocol that enhances the security and reliability of the Ethereum network using secret sharing technology. Its core idea is to split the private keys of validators into multiple fragments and distribute them to different nodes, effectively preventing single point failures and malicious attacks, ensuring that the validator’s private keys are not controlled by a single node, thus enhancing the network’s resistance to attacks and stability.
In addition, SSV is also a cryptocurrency dedicated to innovating payment solutions. It uses advanced encryption technology to ensure the security and privacy of transactions and achieves instant transaction confirmation through a high-throughput blockchain network. With the end of Ethereum’s consolidation, SSV is expected to experience a significant increase in value.
