Weak tech corporate earnings, spot Bitcoin ETF inflows, and the potential arrival of a new major investor drove Bitcoin price above $63,000.) rose by 4.5% from June 28 to July 1, breaking the $63,000 resistance for the first time in a week. The prior decline was largely due to fears stirred by the German government's BTC transactions with exchanges and worries aboutselling large amounts of Bitcoin during the bankruptcy proceedings.
These transactions fueled speculation that the selling pressure might persist, as the U.S. government's wallet also holds Bitcoin valued at $13.4 billion, according to data from Arkham Intelligence. The mostby the U.S. government occurred on June 26, when it sent 3,940 BTC, worth $214 million at that time, to a Coinbase Prime account. These funds were confiscated from Banmeet Singh, a convicted drug trafficker, earlier in 2024.
This dynamic helps explain why the FUD surrounding U.S. and German government Bitcoin transactions has subsided, paving the way for a rally above $63,000. This article does not contain investment advice or recommendations. Every investment and trading move involves risk, and readers should conduct their own research when making a decision.
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