Bitcoin
Bitcoin Price Reclaims $57,000, Triggering $160 Million in BTC Liquidations
Bitcoin reclaimed $57,000 on Monday morning after falling below $55,000 just a few hours earlier. This volatile start to the week saw nearly $160 million in BTC liquidations take place.
The industry’s leading cryptocurrency dropped to $54,600 in the early hours of Monday morning, but rose 4% to $57,000 in the 10 hours that followed. At the time of publication, Bitcoin Price is around US$57,175, up 0.6% on the day, according to data from CoinGecko.
In the last 24 hours, approximately $102 million in Bitcoin (BTC) short positions have been liquidated, according to data from Coin Glasswith an additional $57 million in long positions also liquidating. During this same period, Ethereum saw only $63 million in liquidations as it recovered $3,000.
Bitcoin’s volatile price movements occur as significant selling pressure builds in the market due to German Government Unloading Its Bitcoin while 127,000 creditors await crypto funds from Bankrupt Mt. Gox property.
On Monday morning, the German government transferred thousands of BTC to exchanges including Kraken, Coinbase and Bitstampaccording to data from Arkham. Additionally, he sent funds to several unknown wallets and financial companies, including Flow Traders and Cumberland DRW.
In recent days, the German government has been transferring Bitcoin, seized as a result of criminal proceedings, to cryptocurrency exchanges, causing the price of the leading cryptocurrency to plummet and prompting critics to voice concerns over the government strategy.
Despite these recent moves, addresses linked to the German government currently hold more than $1.8 billion worth of Bitcoin, according to Arkham Intelligence.
In addition, now-defunct exchange Mt. Gox has begun transferring billions of dollars worth of Bitcoin as it prepares to pay off creditors. The company currently holds $7.9 billion worth of Bitcoin in its wallet, according to Arkham Intelligence Datathat many believe could be sold once sent to creditors who have been out of pocket for a decade.
Experts believe that the significant selling pressure generated by the Mt. Gox selloff and the German unloading will “likely” marks Bitcoin bottom.
Despite that, US Bitcoin ETFs recorded inflows of $143 million on Friday, according to Coin Glasswhile Hong Kong Bitcoin ETFs saw zero net flow.
This difficult week saw the Cryptocurrency Fear and Greed Index drop to 28, indicating fear, after being at 72 just a month ago.