Can Bitcoin Hold Resistance Amid German Sales?

08 Jul, 2024 Updated 27 Aug, 2024

By David Pokima

Crypto Journalist

Expertise : Finance/Crypto Journalist

David is a finance news contributor with 4 years of experience in Blockchain Technology and Cryptocurrencies. He is interested in learning about emerging technologies and has an eye for breaking news. Staying updated with trends, David reported in several niches including regulation, partnerships, crypto assets, stocks, NFTs, etc. Away from the financial markets, David goes cycling and horse riding.

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German Flows Will Increase Sell Pressure

A major debate on social media spaces has been the impact of German Bitcoin sales and the activities of institutional investors. Certainly, massive sales and movement of assets to exchanges will weaken sentiments but some opine the fall was too low. This is due to increased spot Bitcoin ETF inflows that saw assets rally to an all-time high above $73,000.

Similarly, Peter Schiff poked holes in the institutional inflows narrative noting that firms could have offered to buy the assets to reduce market impact. It should be noted that Justin Sun made an offer on X to buy the assets. As inflows to crypto exchanges continue, sentiments are to remain low.

At the moment, the German government holds 39,826 BTC after selling about 10,000 assets with sell pressure accounting for over 10% of daily volumes.

Is There Hope In Sight?

Bitcoin users have criticized sales by the German government in recent weeks. Notable German legislator Joana Cotar spoke against the hasty sales of assets suggesting a move towards currency reserves. Bulls also look to potential interest rate cuts by the Federal Reserve to boost macro sentiments. This will see investors turning funds into risky assets and can drive up prices. Crypto users eye a return of the market cap above $2.5 trillion which currently sits at $2.11 trillion.

Also Read: Top Crypto Gainers & Losers Of The Week

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.

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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.