Bitcoin registered strong shocks and hovers around USD 56,300 on July 8 – DiarioBitcoin

The price of Bitcoin registered pronounced fluctuations throughout the day, mainly motivated by the movements made by the German government. While the currency faces downward pressure, altcoins capitalized on mixed results.

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• Bitcoin It is around USD $56,300 at this time
• It fell twice below the USD $56,000 mark
• It faces downward pressure due to sales of BTC carried out by the German government
• Added to this is what is happening with Mt. Gox and the ads of the FED from the USA
• Major altcoins replicate certain fluctuations but remain partially stable

We open our report for this July 8th by reviewing the evolution seen in the price of Bitcoin (BTC), currency that continues to face downward pressure and fell below the USD $56,000 mark a few hours ago, before recovering and trading at the time of writing at around USD $56,333 per unit.

Strong fluctuations in the price of Bitcoin

As can be seen in the data published in our section CryptoMarketsalthough the fall seen a few hours ago was quite remarkable, the day has been full of very interesting moments:

• During the night of yesterday, the price of Bitcoin marked its lowest point of the day after touching USD $54,390, a point from which it subsequently recovered.
• Shortly before 5:00am (New York time), Bitcoin experienced a remarkable increase and reached its highest value of the day, reaching USD $57,851.
• However, a few hours ago it experienced a significant drop and reached USD $55,551, before resuming its rise and trading around the aforementioned values.

Hand in hand with the shocks seen in the market of Bitcoin We have to say that the volume of daily trading operations experienced a considerable increase. At the time of writing, more than USD $39.9 billion in purchase/sale transactions were capitalized on the main exchanges, a figure that represents an increase of more than 104% in the last 24 hours.

German government and downward pressure

The fluctuations seen today in the price of Bitcoin bear some relation to the capital movements made by the German government, which has been sending large amounts of BTC to major exchanges with the idea of ​​marketing them.

As we reported in the morning, the German government moved about 4,000 BTC valued at over USD $225.8 million targeting platforms such as Coinbase, Bitstamp and others. The movements were made by a direction linked to the German Federal Criminal Police Office (BKA).

Let’s keep in mind that the German police have been moving large amounts of Bitcoin Over the past few weeks, after a Seizure of 50,000 BTC to the movie piracy site Movie2k in January. The wallet linked to the BKA currently has 35,488 BTC with an approximate value of USD $2 billion.

However, recent reports indicate that in the last few hours the entity moved a larger amount of funds, which is around 16,000 BTC (USD $903.2 million approx.) at the time of publication. This would be the movement of cash flows Bitcoin largest transaction made by the entity in a single day since exchange transactions began.

Hand in hand with all of the above, let us keep in mind that the price of Bitcoin He was already resentful because of the start of the compensation process Mt. Gox, which involves the distribution of some 141,000 BTC Among those affected, most of which will probably come to market with the intention of their owners capitalizing on profits. Added to this are reports related to the US Federal Reserve (FED)which reported that it does not yet see stable conditions to begin reducing interest rates.

Major altcoins partially stable

While Bitcoin experienced strong fluctuations throughout the day, a good part of the main altcoins replicated these movements, although they do not seem to have such abrupt movements in the last 24 hours.

Therefore, coins like ETH, BNB, SOL, XRP, TON, DOGE, ADA, TRX, AVAX, SHIB, DOT and many others register fluctuations ranging from -2% to 2% with respect to the prices seen yesterday at this time.

Article by Angel Di Matteo / Bitcoin Diary

Picture of BitcoinDiary, free to use, under public domain license

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