News
Germany moves 750 Bitcoin (BTC), Altcoins lose liquidity
Bitcoin, after a brief surge above $62,000 in the first Asian session, fell to $61,400. The price fell due to significant on-chain activity in the German government’s BTC holdings. Second blockchain investigator Lookonchain, the eurozone’s largest economy transferred 750 BTC, worth more than $46 million, sending 250 BTC to cryptocurrency exchanges Bitstamp and Kraken, indicating the country may be preparing to sell the tokens. This action, part of a divestment of BTC seized from a privacy website, increased bearish pressure on the market. The government holds over 45,000 BTC. Ether followed Bitcoin’s lead, falling from $3,425 to $3,375, and the CoinDesk 20 Index (CD20) also retreated, losing about 0.14%.
Alternative cryptocurrencies have recently experienced a greater liquidity drain than Bitcoin and Ether. For example, notional open interest – or the dollar value locked in active futures contracts – tied to altcoins has declined 34% to $12 billion since BTC peaked above $70,000 on June 7. according to data source Coinalyze. That compares with a 13% decline in cumulative open interest in bitcoin and ether futures to $29.3 billion. “This one-way flow quickly turns into a bearish reflex and exacerbates underperformance versus the majors. Demand-side liquidity is less incentivized and traders are hesitant to catch a falling knife. Add fewer market makers and a huge increase in coin issuance and you “We have a very volatile altcoin market,” Jeff Dorman, chief investment officer at Arca, he wrote in the weekly note.
The Cardano blockchain has proven its resilience successfully repelling a DDoS (Distributed Denial of Service) attack aimed at stealing staked tokens on Tuesday. The attack was thwarted without any disruption to network operations. In a DDoS attack, large numbers of compromised computers, known as “bots” or “zombies,” flood a target with excessive traffic, making it overloaded and inaccessible. Philip Disarro, founder of development company Cardano Anastasia, said the attack could be stopped by deleting the record of gaming credentials used by the attacker. The attack was stopped shortly after he took office. Cardano’s ADA token remained stable before falling slightly at less than 39 cents in line with broader market sentiment.