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:

Benzinga future of digital assets conference

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%

Trader Notes: Andrew Crypto sees a "clean break above $59,200 next to continue this bullish momentum."

He concluded, "A reclaim of the range is needed to confirm a local bottom."

Another crypto trader noted that "Just like that market sentiment shifts to more positive but still doubt over hangs price performance. Will need to see multi-day follow through from spot buyers."

Crypto trader Kevin also highlighted that Bitcoin has recovered nicely as Germany runs out of all its Bitcoin. He also reaffirmed his prior prediction that if Bitcoin "can break above $60,000 and hold it then we can negate this pattern, which would be bullish."

#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: