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Bitcoin has returned to the $62,000 mark and this time analysts think it could be here to stay. Meanwhile, the German government has finally offloaded its remaining Bitcoin holdings and a wallet linked to Genesis Trading has started moving Bitcoin to Coinbase in what may mark the start of asset liquidations.
Bitcoin reclaims $62K, analysts say worst is ‘likely behind us’
The price of Bitcoin has reclaimed ground above the $62,000 mark, and analysts say the worst of the selling could be over, with German BTC sales over and Mt. Gox payments all but priced in.
$62,688
has rallied 5.2% in the last 24 hours, bouncing off two-month lows of $53,500 on July 4, and is currently changing hands for $62,550, per TradingView data.
Ben Simpson, the founder of crypto education platform Collective Shift told Cointelegraph that he believed Bitcoin’s “local bottom” had now been formed and believes BTC is now headed for a continued uptrend.
Simpson said the price of Bitcoin had been hammered by a deluge of “forced selling” — much of which stemmed from nearly $3 billion in sales from the German government and negative sentiment toward some $8.5 billion in Mt. Gox creditor repayments.
Moving forward, Simpson looked to several key catalysts as being bullish for Bitcoin’s price in the coming weeks and months.
“Jerome Powell is hinting towards potentially lowering rates at some point soon. We’ve also got the S&P 500 ripping to new highs amongst all of this as well as strong Bitcoin ETF inflows flowing back in.”
German government’s Bitcoin balance falls to zero
After weeks of dumping its seized Bitcoin on the market, the German government had nothing left to sell as of July 12.
According to data from Arkham Intelligence, the German government sent its final 3,846.05 BTC for liquidation on July 12. As Arkham previously reported, the government likely started selling more than $2 billion worth of BTC through Coinbase Global, Kraken and Bitstamp three weeks ago.
The German selling spree is believed to have contributed to Bitcoin’s large sell-off in recent weeks. Since early June, the largest cryptocurrency has fallen from around $71,000 to below $58,000, including a brief dip below $55,000 on July 7.
Not every member of the German government has supported the mass liquidations. German lawmaker and Bitcoin activist Joana Cotar argued that the seized BTC could have been part of a “strategic reserve currency” to protect against risks in the traditional financial system.
Genesis Trading-labelled address moves $720 million BTC to Coinbase
A cryptocurrency wallet related to Genesis Trading has transferred nearly $720 million worth of Bitcoin to the Coinbase exchange during the past month, pointing to the potential start of asset liquidations.
The Genesis Trading-labeled wallet has transferred over 12,600 Bitcoin
$62,688
during the past 30 days, worth $719.9 million, mainly in transactions of 500 to 700 BTC.
The address currently holds 33,356 Bitcoin, down from over 46,000 BTC a month ago, on June 12, according to Arkham Intelligence data.
The multi-million Bitcoin transfers come two months after Letitia James, the attorney general for the State of New York announced that her office reached a settlement with Genesis, requiring the firm to pay $2 billion to defrauded investors over its Earn program.
The settlement requires the funds to be returned to Genesis investors and bans the company from operating in New York.
Source:- COINTELEGRAPH
