Bitcoin (BTC) Price, Volume Contrasts In Fight For Rebound

Godfrey Benjamin
July 8, 2024
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Highlights

  • Bitcoin price is down today amid intense volatility
  • The digital currency's trading volume has unexpectedly printed a massive surge
  • Mt.Gox and Germany remains key selling catalysts to watch

The price of Bitcoin (BTC)e is yet to wriggle off from its bearish sentiment. It has doubled down on its selloffs from the past week.

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BTC Trading Volume Records 94% Surge

At the time of this writing, Bitcoin was trading at $55,677.54 with a 2.34% drop in the last 24 hours. This has been the trend with the cryptocurrency in the last few weeks.

Markedly, this downtrend has been since the German government began to transfer Bitcoin to cryptocurrency exchanges, in addition to Mt.Gox repayment of its customers. The frequent offloads are an indication that Bitcoin investors including wallets that have stayed dormant for several years, are beginning to exit their positions, both short and long.

On the flip side, Bitcoin trading volume is moving upward. According to CoinMarketCap, Bitcoin’s trading volume has shot up by approximately 94.66% within the last 24 hours. Currently, BTC has hit a trading volume of $38,838,830,710. This suggests that investors are still showing interest in the coin amidst a broad market downturn. It reflects the change in market dynamics on the upside. This suggest that the market may be heading towards a bullish sentiment and probably hit a new all-time-high (ATH) as earlier projected.

For now, the selling pressure is still mounting. According to QCP Capital analysts, Bitcoin prices are continuing “to chop violently on very thin liquidity.”

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Bitcoin Liquidation Continues With Mt.Gox And the German Government

More Bitcoin are still leaving the German government wallet, triggering more selling pressure. In the early hours of Monday, the German government dumped BTC to crypto market maker Cumberland DRW and Flow Traders, including crypto exchanges Coinbase, Bitstamp, and Kraken and other wallet addresses. This time around, almost 5,000 BTC were sent out by the German government.

The transfer to Cumberland DRW was made in two transactions. Markedly, the first one was a transfer of 0.001, likely a test transfer to follow with large transfers in the future. The total Bitcoin transfer to the crypto market maker summed up to 133.723 BTC worth nearly $7.63 million.

Just before publishing this story, the government moved another 2,300 BTC in its ongoing liquidations. It is believed that the German government still has as much as 32,488 BTC with an estimated worth of $1.855 billion

Similarly, Bitstamp is working on hastening the Mt.Gox repayment process. The exchange has a 60-day window to distribute tokens but aims to compensate investors much sooner. When this Bitcoin hit the market, the trajectory of Bitcoin is bound to change but the direction remains uncertain.

Read More: Bitcoin Miner Bitfarms Appoints New CEO Amid Riot Takeover Bid

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Investment disclaimer: The content reflects the author’s personal views and current market conditions. Please conduct your own research before investing in cryptocurrencies, as neither the author nor the publication is responsible for any financial losses.
Ad Disclosure: This site may feature sponsored content and affiliate links. All advertisements are clearly labeled, and ad partners have no influence over our editorial content.

Why Trust CoinGape

CoinGape has covered the cryptocurrency industry since 2017, aiming to provide informative insights Read more…to our readers. Our journal analysts bring years of experience in market analysis and blockchain technology to ensure factual accuracy and balanced reporting. By following our Editorial Policy, our writers verify every source, fact-check each story, rely on reputable sources, and attribute quotes and media correctly. We also follow a rigorous Review Methodology when evaluating exchanges and tools. From emerging blockchain projects and coin launches to industry events and technical developments, we cover all facets of the digital asset space with unwavering commitment to timely, relevant information.

About Author
About Author
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 X, Linkedin
Investment disclaimer: The content reflects the author’s personal views and current market conditions. Please conduct your own research before investing in cryptocurrencies, as neither the author nor the publication is responsible for any financial losses.
Ad Disclosure: This site may feature sponsored content and affiliate links. All advertisements are clearly labeled, and ad partners have no influence over our editorial content.