The price of Bitcoin (BTC)e is yet to wriggle off from its bearish sentiment. It has doubled down on its selloffs from the past week.
BTC Trading Volume Records 94% Surge
At the time of this writing, Bitcoin was trading at $55,677.54 with a 2.34% drop in the last 24 hours. This has been the trend with the cryptocurrency in the last few weeks.
Markedly, this downtrend has been since the German government began to transfer Bitcoin to cryptocurrency exchanges, in addition to Mt.Gox repayment of its customers. The frequent offloads are an indication that Bitcoin investors including wallets that have stayed dormant for several years, are beginning to exit their positions, both short and long.
On the flip side, Bitcoin trading volume is moving upward. According to CoinMarketCap, Bitcoin’s trading volume has shot up by approximately 94.66% within the last 24 hours. Currently, BTC has hit a trading volume of $38,838,830,710. This suggests that investors are still showing interest in the coin amidst a broad market downturn. It reflects the change in market dynamics on the upside. This suggest that the market may be heading towards a bullish sentiment and probably hit a new all-time-high (ATH) as earlier projected.
For now, the selling pressure is still mounting. According to QCP Capital analysts, Bitcoin prices are continuing “to chop violently on very thin liquidity.”
Bitcoin Liquidation Continues With Mt.Gox And the German Government
More Bitcoin are still leaving the German government wallet, triggering more selling pressure. In the early hours of Monday, the German government dumped BTC to crypto market maker Cumberland DRW and Flow Traders, including crypto exchanges Coinbase, Bitstamp, and Kraken and other wallet addresses. This time around, almost 5,000 BTC were sent out by the German government.
The transfer to Cumberland DRW was made in two transactions. Markedly, the first one was a transfer of 0.001, likely a test transfer to follow with large transfers in the future. The total Bitcoin transfer to the crypto market maker summed up to 133.723 BTC worth nearly $7.63 million.
Just before publishing this story, the government moved another 2,300 BTC in its ongoing liquidations. It is believed that the German government still has as much as 32,488 BTC with an estimated worth of $1.855 billion
Similarly, Bitstamp is working on hastening the Mt.Gox repayment process. The exchange has a 60-day window to distribute tokens but aims to compensate investors much sooner. When this Bitcoin hit the market, the trajectory of Bitcoin is bound to change but the direction remains uncertain.
Read More: Bitcoin Miner Bitfarms Appoints New CEO Amid Riot Takeover Bid
The post Bitcoin (BTC) Price, Volume Contrasts In Fight For Rebound appeared first on CoinGape.
Earn more PRC tokens by sharing this post. Copy and paste the URL below and share to friends, when they click and visit Parrot Coin website you earn: https://parrotcoin.net0
PRC Comment Policy
Your comments MUST BE constructive with vivid and clear suggestion relating to the post.
Your comments MUST NOT be less than 5 words.
Do NOT in any way copy/duplicate or transmit another members comment and paste to earn. Members who indulge themselves copying and duplicating comments, their earnings would be wiped out totally as a warning and Account deactivated if the user continue the act.
Parrot Coin does not pay for exclamatory comments Such as hahaha, nice one, wow, congrats, lmao, lol, etc are strictly forbidden and disallowed. Kindly adhere to this rule.
Constructive REPLY to comments is allowed