Bitcoin Market Dynamics: Bitcoin Rebounds to $57,000
Bitcoin Market Dynamics– During the European morning, Bitcoin rebounded from a slump that had brought it down to just above $54,000. BTC then climbed back above $58,000 and is currently trading at around $57,200, marking a 0.4% decline in the last 24 hours. Meanwhile, the CoinDesk 20 Index has risen by 0.33% after also experiencing a crash during the Asian morning.
Data from CoinGlass indicates that there have been $175 million in long liquidations over the past 24 hours, following Bitcoin’s 13% drop last week—a decline similar to what was seen in the aftermath of FTX’s collapse.
Germany’s recent Bitcoin sales and the reimbursements from Mt. Gox have further shaken up the crypto market. The eurozone’s largest economy still holds 39,826 BTC worth $2.2 billion, according to Arkham Intelligence. This stash, which represents nearly 9% of Bitcoin’s 24-hour trading volume of $25.3 billion, suggests that more price turbulence could be on the horizon.
Earlier this year, the German Federal Criminal Police Office seized 49,857 BTC from the operators of Movie2k.to, a privacy website last active in 2013. Since mid-June, the government has liquidated over 10,000 BTC, exerting downward pressure on the cryptocurrency’s market rate.
Bitcoin Mining Sees Increased Profitability in June
Bitcoin mining became more profitable in June compared to May, thanks to a 2% rise in the cryptocurrency’s price and a 5% drop in the network hashrate, according to a research report by investment bank Jefferies on Monday.
Analyst Jonathan Petersen noted that June was a month of modest recovery from the immediate impacts of the halving that were most pronounced in May. The hashrate, which represents the total combined computational power used to mine and process transactions on a proof-of-work blockchain, serves as a proxy for competition and mining difficulty in the industry.
The quadrennial reward halving, which took place in April, reduced the rate of Bitcoin supply growth by cutting miners’ rewards by 50%, affecting the mining profitability landscape.
trending crypto chart today
- The chart shows a timezone-wise break up of BTC’s 17% slide in four weeks.
- Asian session accounts for most losses, suggesting that “many retail traders in Asia have been liquidated,” according to 10x Research.
- Source: VeloData
– Omkar Godbole
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