The price of Bitcoin, the largest cryptocurrency by market capitalization, is losing ground despite the strength of the US stock market.
The price of Bitcoin, the largest cryptocurrency by market capitalization, is losing ground despite the strength of the US stock market.
The flagship cryptocurrency fell to an intraday low of $64,544 after reaching a high of $66,436, according to data from CoinGecko.
The recent bearish trend could be related to Bitcoin sales spree initiated by the German government. According to data provided by analytics platform Arkham Intelligence, the German government sent $65 million to two likely exchange deposits, including Coinbase. In particular, Ki Young Ju, founder and CEO of on-chain analytics platform CryptoQuant, has noted that selling pressure It is primarily sourced from the Coinbase exchange.
Alex DovbnyaThis comes after the German government sent $130 million worth of Bitcoin to several exchanges including Kraken and Bitstamp. He still has a whopping $3.05 billion worth of Bitcoin.
German authorities confiscated a whopping 50,000 Bitcoins from Movie2k.to, the now-defunct piracy website, back in 2013.
Nvidia continues to rise
Meanwhile, the benchmark S&P 500 index briefly surpassed 5,500 points for the first time today before paring some gains.
The US stock market is being supported by the notable rise of the technology giant Nvidia. After becoming the most valuable public company in the world, Nvidia’s market capitalization now stands at a staggering $3.4 trillion. This makes it larger than the GDP of France and the entire crypto industry.
Alex DovbnyaMost traders believe the US Federal Reserve will cut rates before November. This could give some hope to the battered cryptocurrency market, as looser monetary policy would benefit cryptocurrencies.
