Bitcoin, Ethereum, Dogecoin Recover As Germany Runs Out Of BTC To Sell

Author: Khyathi Dalal | July 12, 2024 03:57pm

Cryptocurrency markets are trading up as PPI data has sparked speculation of an interest cut in September.

Cryptocurrency	Price	Gains +/-
Bitcoin (CRYPTO: BTC)	$57,825.58	+0.6%
Ethereum (CRYPTO: ETH)	$3,129.43	+0.5%
Solana (CRYPTO: SOL)	$138.75	+1.2%
Dogecoin (CRYPTO: DOGE)	$0.1076	+0.4%
Shiba Inu (CRYPTO: SHIB)	$0.00001644	+0.3%

Notable Statistics:

• IntoTheBlock notes that 83% of Bitcoin holders are in profit at current levels despite the volatility. While concentration by large holders stands at 12%, 70% of holders have accumulated the coin for more than a year. Exchange netflows widened by 163.9%.
• Degen News revealed the German government is out of Bitcoin.
• Coinglass highlights 40,300 traders liquidated in the past 24 hours for $126.7 million.

Notable Developments:

• JPMorgan, Standard Chartered-Backed Blockchain Fintech Partior Secures $60M In Venture Capital
• Iris Energy’s Bitcoin Mining Ventures: Overvalued Or Underestimated?
• Coinbase Unveils ‘One-Stop’ Crypto App To Simplify User Experience
• Bitcoin Spot ETFs Take In $79M On Thursday: Why Are They Suddenly On A Roll?

Top Gainers:

Cryptocurrency	Price	Gains +/–
ORDI (CRYPTO: ORDI)	$33.56	+8.5%
Maker (CRYPTO: MKR)	$2,498.75	+6.5%
Ronin (CRYPTO: RON)	$2.05	+4.9%

#BTC almost broke down last night but has recovered nicely since.. Germany all out of BTC. Send it higher https://t.co/Pbyn34rcUU pic.twitter.com/bBzYVmkw2x

— Kevin (@Kev_Capital_TA) July 12, 2024

Cryptoquant Founder & CEO Ki Young Ju revealed that whales use a lot of leverage at cyclical bottom. While he suggests trading like a whale, he added "whales use a lot of leverage only at the cyclical bottom."

Read Next:

• Bitcoin Should ‘Close A Monthly Candle Above $73,000’ To Invalidate Sell Signal, Says Trader

Image: Shutterstock

Posted In: $BTC $DOGE $ETH $JASMY $MKR $ORDI $SHIB $SOL $UNI