2024-7-14 13:10 |
Cryptocurrency prices stabilised during the weekend as traders focused on the conclusion of Germany’s Bitcoin sales.
Bitcoin held steady above $58,000 while Ronin (RON), Stellar Lumens (XLM), and Arweave (AR) rose by over 10%. Other top-performing coins were Maker (MKR), Immutable X (IMX), and Ripple (XRP).
RON, XLM, and AR lead gainsCryptocurrencies have come under intense pressure in the past few weeks as investors focused on the increasing Bitcoin supply in exchanges.
This increase happened because of the German government’s recent sale of over 50,000 Bitcoins. These coins came from the Saxony state, which seized them from a pirating website.
UPDATE: The German Government now has $1 of Bitcoin.
The German Government sent their entire balance of 49,860 BTC ($2.90B) to exchanges and market makers in the past 3 weeks.
2 hours after sending off their final batch of Bitcoin, the German Government received 0.0000321 BTC… pic.twitter.com/0PPUQsAkGP
At the same time, wallets linked to Mt.Gox, a collapsed crypto exchange, also started moving their coins to pay customers.
Most importantly, as we saw in 2021, Bitcoin miner capitulation also happened, increasing coins in exchanges. These moves are important because Bitcoin is a highly illiquid asset and a small increase in supply often leads to a price drop.
Therefore, Ronin, Stellar, and Arweave rose because of Bitcoin’s stability and the fact that traders are no longer fearful. The crypto fear and greed rose from the fear zone of 35 and could soon enter the green zone.
Further, Bitcoin ETFs have continued to experience inflows in the past few weeks. They added over $200 million in assets this week and this trend could continue as institutional demand rises.
The other potential catalyst is that the Securities and Exchange Commission (SEC) could approve spot Ethereum ETFs.
Still, there are risks in the crypto market. The most important one is that Bitcoin has formed a double-top pattern, a popular bearish sign. It has also formed a small rising wedge pattern near the double top’s neckline.
As such, there is a risk that it could soon suffer a harsh reversal, leading to substantial losses ahead. If the double-top works as theorised, Bitcoin could move to $44,000, dragging other altcoins with it.
Focus shifts to BitBotMeanwhile, crypto investors are focusing on BitBot, a Telegram application that had one of the most successful token sales this year. The developers raised over $6 million from investors and are now gearing towards its launch and product growth.
BitBot aims to become the biggest Telegram trading bots in the industry. It will be a mini-application that will have advanced technological and artificial intelligence features focused on the trading industry.
BitBot users will receive top trading signals, which they can use to execute trades in the cryptocurrency market.
Its launch will happen at a time when Telegram mini apps are thriving. Hamster Kombat has gained over 232 million users from around the world. Similarly, Notcoin has attained a $1.6 billion market cap while TapSwap has had over 60 million users.
Analysts believe that Telegram will generate the next big applications not only in the crypto industry but also in the tech sector. If this happens, there is a likelihood that BitBot will become a major player in the industry. You can learn more about BitBot here.
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