Markets
Cryptocurrency Markets Bleed Amid Massive Sell-Offs
BTC has dropped to $58,000 amid fears that the German government is looking to sell billions in Bitcoin.
Cryptocurrency markets bled on Thursday morning as leveraged traders were liquidated en masse.
Bitcoin fell 5% to $57,350, while Ethereum fell 3.5%. Solana It is Polka dot also fell 5%.
Almost all of the top 100 digital assets by market cap have seen losses over the past 24 hours, with the exception of Mantra (MANTRA), which is up 11%.
The continued decline stems from renewed concerns about the German government selling its Bitcoin stash.
Arkham Intelligence reported German authorities have transferred around $75 million worth of Bitcoin to Bitstamp, Coinbase and Kraken. This is one of the largest Bitcoin transfers by the German government to date.
Justin Sun, the founder of Tron, has proposed purchase of the German government’s Bitcoin holdings, valued at more than $2.3 billion, in an off-market deal to minimize the impact on the cryptocurrency market.
Michael Van de Poppe, CEO of MN Trading, believes Bitcoin will test the May 1 low of $56,000. “The altcoin depression and capitulation is happening,” he said. tweeted.
According to CoinGlassMore than 132,000 traders were liquidated in the past 24 hours, totaling $381 million. Liquidations occur when traders’ positions are automatically closed due to insufficient funds to cover losses. The largest single liquidation order was on Binance in the ETH-USDT pair, valued at $18.5 million.
Meanwhile, US stock markets remained closed for Independence Day.