Markets
Cryptocurrency Market Seeks Return to Growth
Solana received impressive buyer support earlier in the week when it touched the 200-day moving average. This was an important signal that the balance of power was still with the bulls. However, it is too early for them to celebrate as the important curve crossover is still small, and the 50-day average is pointing down and above the price — a bearish signal.
Cryptocurrency News
The demand for crypto instruments was seen against the backdrop of the German government’s maximum coin sales. On the 9th, the German government sent 6,306.9 BTC ($362.12 million) to trading platforms. Since mid-June, the country’s authorities have transferred over 26,200 BTC (~$1.5 billion) to exchanges and market makers. According to Arkham Intelligence, 27,460 BTC (~$1.57 billion) remains in reserve.
Market participants are also expecting the remaining distribution of 94,771 BTC (~$5.4 billion) to Mt Gox customers.
Meanwhile, social media trader sentiment is the most bearish it’s been this year, according to data from Santiment. With such a FUD crowd, the chances of a bounce catching most by surprise are high.