Connect with us

24/7 Cryptocurrency News

Bitcoin donations to Germany is growing by the day

Published

6 hours ago

on


The members of the crypto ecosystem are reacting to the selloff of Bitcoin (BTC) by Germany in an unusual way. In less than 24 hours after the Saxony government emptied its last tranche of Bitcoin on Trader Flows and 139Pon, the wallet as tracked by Arkham Intelligence has started donations in BTC.

The Reasons Behind the Unsolicited Bitcoin Donation

The supporters of crypto have a mind that is arguably contagious. Thus far, the wallet address of the German government holds more than $16 worth of Bitcoin. The funds came from a couple of donors with the largest BTC sent thus far coming in at $8.12.

While the total amount is small compared to what it held about a month ago, there are underlying messages with these unrequested donations. One major reason is that this is a vote of no confidence on the government’s actions. Selling the seized Bitcoin worth 50,000 units came to many as a ill-advised move.

One of the critic of these selloff is Joana Cotar, a lawmaker in the country who noted that the government could have HODLed the coins instead. Now, top proponent Samson Mow is proposing a Bitcoin buyback very soon.

Another potential reason behind the donations is to express displeasure with the government regarding the impact of the weeks-long selloff. During this period, BTC price suffered suppression, dropping from a high of $67,294.65 to a low of $53,717.38. Over the past month, Bitcoin suffered intense liquidation that lost many money.

Lastly, the donations to Germany might be to prove what the coin, even as little as the donated sum, can amount to in the long term. With many experts predicting that the price of BTC can soar above $100,000, many believe the government would have benefitted more if it HODLed.

Headwinds Still Lie Ahead

Germany might have completed its selloff of Bitcoin, the coin is not free from mainstream government selloffs.

The US Government has also been sending Bitcoin units to centralized exchanges like Coinbase. With thousands of BTC units still left in its wallet, Bitcoin might still face similar drawdowns in the near future.

The distribution of up to $9 billion in Bitcoin and Bitcoin Cash (BCH) by Mt.Gox in the coming months is also a bearish event to watch. With these events, the price of BTC might wave some more in the this quarter.

Read More: Ethereum News: Whale Scoops $33M ETH As Spot ETF Approval Speculation Looms

✓ Share:

Benjamin Godfrey is a blockchain enthusiast and journalists who relish writing about the real life applications of blockchain technology and innovations to drive general acceptance and worldwide integration of the emerging technology. His desires to educate people about cryptocurrencies inspires his contributions to renowned blockchain based media and sites. Benjamin Godfrey is a lover of sports and agriculture. Follow him on Twitter, Linkedin

The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.





Source link

Related Topics:
Continue Reading
Click to comment

Leave a Reply

Your email address will not be published. Required fields are marked *

24/7 Cryptocurrency News

Bitcoin Whales Ingest 71K BTC In 1 Week, Price Rebound Ahead?

Published

3 hours ago

on

July 13, 2024

By


Bitcoin (BTC) whales are shifting narratives in the market in a move that showed embrace in the heat of the past drawdown. Over the past week, the price of Bitcoin has traded from a high of $59,270 to a low of $54,430. Within this time, BTC whales saw an advantage to bag the coin in what might prove significant in fueling a revival soon.

Bitcoin Whale Statistics

According to data insight from crypto analytics platform IntoTheBlock (ITB), Bitcoin whales acquired 71,000 BTC over the past week. Per the insight shared by ITB, the accumulation came off with a discount as Germany’s Bitcoin selloff found the right buyers.

The data showed the whale transactions in the BTC network now comes in with a total volume of $41.32 billion. While the 24 hour rate of change in this metric has dropped by 8%, the weekly surge has remained intact. The week got overshadowed with the conversations around Bitcoin selloff by Germany.

On July 12, the government completed the sales of 50,000 BTC seized earlier this year. This trend triggered intense market selloff, however, whale actions helped kept price above the $53,000 support zone. The drawdown trend might have gotten worse has the whales no intervened with the subtle accumulation.

With the German selloff spree over, BTC Price has now entered a more promising consolidation phase. At the time of writing, the price is changing hands for $58,665.10, up by 0.77% in 24 hours. Over the trailing 7-day period, it has jumped by 1.42%, one of the most promising signs of a recovery.

BTC Price To $60,000?

To many Bitcoin advocates, the whale actions are a vote of confidence on the prospects of the coin. Many market triggers abound that might generally help shift price back to $60,000.

One of this events came from Samson Mow and Joana Cotar who believes a dialogue with Germany might help in a strategic Bitcoin buyback. Besides these, the inflow into the spot Bitcoin ETF products might also help take off the BTC that flooded the market recently.

The ultimate goal is to fuel a Bitcoin price revival, first to $60,000, and in pursuit of the previous All-Time High (ATH) in the long term.

Read More: FDIC Nominee Says Banks Free to Serve Digital Asset Firms

✓ Share:

Benjamin Godfrey is a blockchain enthusiast and journalists who relish writing about the real life applications of blockchain technology and innovations to drive general acceptance and worldwide integration of the emerging technology. His desires to educate people about cryptocurrencies inspires his contributions to renowned blockchain based media and sites. Benjamin Godfrey is a lover of sports and agriculture. Follow him on Twitter, Linkedin

The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.





Source link

Continue Reading

24/7 Cryptocurrency News

FTX Reaches Settlement With CFTC, $4B Claim Subordinated

Published

11 hours ago

on

July 13, 2024

By


FTX, the collapsed digital asset exchange, has reached a settlement with the Commodity Futures Trading Commission (CFTC). This agreement, which awaits court approval, marks a pivotal moment in the ongoing FTX bankruptcy saga that has captivated the crypto industry since late 2022. The settlement involves a complex arrangement concerning a $4 billion CFTC claim and introduces a new mechanism for potential additional compensation to affected cryptocurrency holders.

FTX Settlement With CFTC & Impact on Creditors

FTX, the now-defunct cryptocurrency exchange, has reached a settlement with the Commodity Futures Trading Commission (CFTC) in a significant development for its ongoing bankruptcy case. The agreement, which still requires court approval, involves the subordination of a $4 billion CFTC claim to creditor claims and interest.

Under the terms of the settlement, the CFTC’s $4 billion claim will be allowed but ranked below all other creditor claims and interest payments. Any funds that would have gone to the CFTC will instead be directed to a Supplemental Remission Fund. This fund is designed to provide additional compensation to adversely affected cryptocurrency holders, but will only be activated after all creditors are paid with interest and if surplus funds are available.

The settlement follows a District Court order by Judge Kaplan, which imposed a $4 billion disgorgement and $8.7 billion restitution to creditors. As part of the agreement, FTX debtors will receive dollar-for-dollar credit against the disgorgement order.

A key aspect of the settlement is its recognition that creditors with cryptocurrency-related investments have been particularly harmed by the alleged illegal conduct. This acknowledgment is partly attributed to the impact of over 200 victim statements sent to Judge Kaplan by FTX victims.

However, the settlement has not been without controversy. Some creditors have argued that the FTX bankruptcy estate is effectively using victims’ assets to pay government fines. These fines, they contend, result from FTX’s misrepresentations to the CFTC and are being paid before fully compensating the victims at current market prices.

Also Read: Anti-Crypto SEC Commissioner Caroline Crenshaw’s Renomination to Be On Hold

Restructuring Plan and FTT Token Holders

On the other hand, recent development has shown that the FTX restructuring plan has encountered obstacles, particularly for holders of the FTT token. The official committee of unsecured creditors announced that FTX debtors are using Kroll, a third-party administrator, to distribute voting materials and comments to creditors and customers.

A significant aspect of this process is that users who filed claims solely based on FTT holdings are automatically considered to reject the restructuring plan and are not given voting rights. However, these claimants can still opt into the plan releases. Customers with claims involving fiat currency, other tokens, or cryptocurrencies beyond FTT should receive a ballot for voting on the plan.

Also Read: Coinbase Vs. SEC: Coinbase Pushes To Subpoena Gary Gensler Despite Recent Setback

✓ Share:

CoinGape comprises an experienced team of native content writers and editors working round the clock to cover news globally and present news as a fact rather than an opinion. CoinGape writers and reporters contributed to this article.

The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.





Source link

Continue Reading

24/7 Cryptocurrency News

Analyzing The Bitcoin ETF Net Flow for July

Published

14 hours ago

on

July 13, 2024

By


The Bitcoin ETF has accomplished a lot this month, from the market crash to boosting it. ETFs or Exchange traded fund is the new hype among investors, especially with the new options joining the market. Though Bitcoin ETF approval took years of discussion, it all was worth it after the demand peaked right after its launch.

Eventually, it has also made it easy for other altcoins to enter the ETF market. Ethereum and Solana ETFs are already in process, and many will follow soon.

Bitcoin ETF Net Flows Wild Ride

June has been the craziest of all the months, especially because of the last week. During these seven days, the net flow was not only in loss, but the quantity of the loss was panicking, and many questioned the future.

However, with the beginning of July, things were changing. In the first two days, the Bitcoin ETF Net flow was quite low at $21 M and $12M. However, things moved progressively on the third and fourth day, where the net was around $73M and $129M.

But things went down as the outflows were higher, and the net was -$14M on the 5th and -$21M on the 6th. This was the time around the crypto market crash as the German government was selling their seized Bitcoin, and at the same time, Mt. Gox began the transfers of the decade-long hacked tokens.

Bitcoin ETF chartBitcoin ETF chart

These two days have been hard on the investors, as the crypto market and the ETFs struggled quite a lot. Then, the selling pressure decreased, and the inflow rate surged in the Bitcoin Exchange-traded fund, leading to high net flows till now.

Starting with $143M in net flows on the 8th and progressing to $295M and $216M on the 8th and 9th, was the much-needed boost. The next three days have also been the same, making the best week inflows in months. More importantly, the BTC ETFs touched an all-time high inflow record.

Bitcoin ETF Inflows Peaked To Month’s High

After the 9th, the net inflow rate had slowed, as there was only $147.35 Million on the 10th, followed by $78.93 on the 11th. But impressively, on June 12, the market had the highest inflows per Spotonchain data, where the net went past the $310 Million mark, making it the all-time high record after May thanks to six days of continuous inflows.

The majority of these inflows were on the BlackRock ETF (IBIT), whooping a total of $120 Million, followed by Fieldy ETF (FBTC), which has $115 million inflows. Lastly, the Grayscale RTF GBTC witnessed a net flow of $23.0081.

🚨 $BTC #ETF Net Inflow July 12, 2024: +$310M!

• This trading week saw a total inflow of $1.05B and no day with an outflow 🎉.

• The $310M inflow yesterday was also the highest in the past 25 trading days.

• #BlackRock (IBIT) led the leaderboard with a $120M inflow,… pic.twitter.com/WKplbLK1MO

— Spot On Chain (@spotonchain) July 13, 2024

Officially, this week was the best performing in months, where a total net inflow was $1.05 Billion, with no single day witnessing net outflows.

Final Thoughts

With a rollercoaster in the Bitcoin ETF’s charts, the BTC price chart had the same experience. This month, Bitcoin price dropped from $633,599 on July 1 to a low of $53,905 on July 5, the day BTF net flow turned negative. And now the inflow has surged significantly, so the same is expected for the token price, but for now, it is trading at $58,059.63.

Continue Reading JP Morgan Predicted Next Crypto Bull Run?

✓ Share:

With years of love for reading and 5 years of content writing experience, I’m here, working on my favorite writings about cryptocurrency. I’m actively looking for trending topics and informational statistics to curate the best content pieces for crypto enthusiasts. Staying updated with trends and learning the basis and advancements of this field is the best part of the day.

The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.





Source link

Continue Reading
Advertisement [ethereumads]

Trending

    wpChatIcon