The crypto space has been shaken by many Bitcoin news recently. Some of these worry many investors, while others generate hope for a new bull run soon. Want to know what’s happening in the crypto environment? Below, we present the most important news you can’t afford to miss.
The German Government has Sold all its Bitcoin
Recently, the German Government sold all its Bitcoin reserves (source: @ArkhamIntel), leaving them with none after disposing of 49,878 coins as of June 17th. Just last week, they held $3.6B in Bitcoin. However, they have now sold 100% of their holdings in a short period. Despite this complete sell-off, Bitcoin has shown remarkable resilience, maintaining a price close to $59,000. This massive sell-off by the German Government doesn’t seem very smart considering the upcoming bull run. Even members of the German political scene have criticized this decision, which could end up in the history books.
FTX is set to distribute $16 billion in cash to its crypto clients
FTX plans to distribute more than $16 billion in cash to its creditors (customers) between Q4 2024 and Q1 2025. With the cryptocurrency market currently experiencing a bull run and many FTX creditors being involved in crypto, this $16 billion injection is anticipated to re-enter the market, potentially fueling significant liquidity and driving BTC and altcoins to new highs.
Bitcoin ETFs have bought the DIP
News like that of the German Government can generate uncertainty in the market. However, there’s nothing like calming this situation through institutional purchases. While some are selling their Bitcoin, Fidelity Bitcoin ETF investors bought the dip in a BIG way, with $117 million in inflows. This marks their largest daily inflow since early June.
Bitcoin’s Bear Trap: Bears Caught Off Guard!
Bitcoin has set a bear trap, as indicated by several indicators. Firstly, the similarity between the famous bull market chart and Bitcoin’s current chart is striking, as shown below:
On the other hand, Bitcoin’s fear and greed index has reached its lowest point since January 2023, when Bitcoin was valued at $16,000. Let’s recall what happened back then, especially considering that the current price is nearing $60,000. This clearly indicates a bullish signal.
Mt. Gox will reimburse the 142,000 BTC recovered
After the hack and subsequent closure of the platform in 2014, Mt. Gox, once the largest exchange, is set to compensate those affected by the lost Bitcoins. They plan to reimburse 142,000 BTC recovered to the creditors left empty-handed.
This Bitcoin news has generated some uncertainty in the market, as many believe it could cause a drop in Bitcoin’s price. However, it is uncertain what will happen, given Bitcoin’s resilience during the German government’s sales, which suggests there might not be a decline for those anticipating one.
Peter Schiff: Bottom indicator
Lastly, as a meme, we have a bullish indicator for Bitcoin’s price. This time, it comes from a tweet by a somewhat influential figure on X: Peter Schiff. Peter Schiff is well-known in the crypto space for his negative tweets about Bitcoin during market downturns, consistently advocating for gold as the superior asset. However, there seems to be a trend in his statements: whenever he criticizes Bitcoin after a price drop, it often signals that the bottom has been reached, making his words a potential contrarian indicator. This has happened again with Bitcoin’s recent dip, as Schiff tweeted at what seems to be the lowest point in its price.
What Can We Expect After These Bitcoin News?
Nothing has changed. The Bull Run has just begun, and there will always be news that creates FOMO or FUD. The undeniable fact is that Bitcoin has historically followed a consistent post-halving trend, indicating that its price will inevitably rise. This upward trajectory is expected to catalyze a significant altseason, during which NOVA Real Chain is poised to play a pivotal role.