As an experienced financial analyst, I have closely followed the crypto and stock markets for years. The recent dip in Bitcoin’s price, despite the strength of the US stock market, is concerning. The selling pressure originating from the Coinbase exchange, which has reportedly received substantial Bitcoin transfers from the German government, could be a significant factor contributing to this downturn.
Despite the robust performance of the US stock market, the value of Bitcoin, the leading cryptocurrency in terms of market capitalization, is experiencing a setback.
The leading digital currency dipped to a low of $64,544 during the trading day, having previously touched a high of $66,436 based on information from CoinGecko.
The recent bearishness could be related to the Bitcoin selling spree initiated by the German government. According to data provided by analytics platform Arkham Intelligence, the German government sent $65 million to two likely exchange deposits including Coinbase. Notably, Ki Young Ju, founder and CEO of on-chain analytics platform CryptoQuant, has noticed that selling pressure is primary origination from the Coinbase exchange.
After the German government transferred approximately $130 million in Bitcoin to exchanges such as Kraken and Bitstamp, it continues to possess an impressive fortune of around $3.05 billion in Bitcoin.
In 2013, German law enforcement confiscated an astonishing amount of 50,000 Bitcoins from the defunct piracy site, Movie2k.to.
Nvidia keeps surging
Earlier today, the S&P 500 index reached a new milestone of 5,500 points for the very first time, only to subsequently scale back its advancements.
The US stock market is receiving significant support from the extraordinary growth of tech behemoth Nvidia. With a market capitalization that has soared to an astounding $3.4 trillion, Nvidia has surpassed the value of France’s economy and outpaced the combined worth of the entire crypto industry.
A large number of traders hold the view that the U.S. Federal Reserve will reduce interest rates prior to November. Such an action might bring relief to the beleaguered cryptocurrency sector, as easier monetary conditions are generally favorable for digital currencies.
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2024-06-20 21:07