
We have absorbed the German #Bitcoin selloff like a dry sponge. pic.twitter.com/c1xdInYB35
— Lark Davis (@TheCryptoLark) July 12, 2024
$101,162.00
4.46%$2,046.34
12.89%$2.25
5.93%$621.84
3.71%$160.17
9.58%$1.00
0.01%$0.190627
11.65%$0.732705
10.36%$0.255411
3.39%$2,046.39
13.06%$3.92
19.78%$101,063.00
4.53%$15.27
12.33%$21.32
11.12%$0.282636
9.25%$2,463.51
13.59%$421.97
16.94%$0.00001399
10.24%$8.81
1.23%$0.191844
10.30%$1.00
0.01%$3.21
7.06%$21.96
4.94%$93.23
5.72%$4.32
10.79%$2,054.05
13.38%$296.81
5.22%$4.44
4.81%$0.999734
0.10%$2,186.42
13.61%$1.00
-0.01%$101,342.00
4.58%$0.633426
9.34%$29.61
3.27%$0.00001014
24.97%$417.29
16.61%$5.55
15.93%$5.22
11.29%$1.051
0.00%$2.61
15.09%$52.50
3.46%$0.951548
10.91%$190.70
12.43%$1.00
0.00%$0.096638
6.49%$17.71
11.12%$21.81
3.44%$4.98
9.33%$32.83
9.89%$0.097626
7.71%$0.737203
4.41%$12.39
15.28%$4.65
13.73%$0.02737637
11.19%$0.246205
13.54%$0.999742
0.21%$101,115.00
4.44%$1.17
-0.03%$4.43
7.96%$0.753715
13.53%$2.85
11.88%$4.35
0.59%$0.217142
10.46%$0.31292
18.25%$0.561514
11.88%$2.73
15.62%$0.34702
15.33%$4.32
5.44%$0.999644
-0.21%$0.00001923
16.22%$0.962037
12.65%$1.028
12.01%$95.59
6.75%$1,651.94
13.84%$10.96
1.90%$0.46214
11.63%$168.09
10.28%$0.850253
8.46%$0.01975011
4.66%$1.26
1.41%$2,051.76
13.58%$0.076111
5.53%$2,139.41
13.36%$1.15
18.94%$1.76
34.04%$0.220065
12.46%$101,017.00
4.83%$4.13
9.87%$0.659186
13.77%$0.600811
14.81%$1.00
-0.06%$10.78
14.85%$202,283.00
111.72%$0.739245
12.17%$2,325.99
13.22%$0.100108
11.51%$0.999502
0.21%$0.01402731
30.89%$621.64
3.87%$0.99977
0.03%$0.00008782
17.24%$14.75
2.36%$206.66
9.38%$0.01727338
13.43%$177.39
9.60%$3,317.12
-2.19%$101,420.00
4.88%$0.902103
17.90%$0.810824
14.78%$2.76
16.20%$1.00
0.02%$3,319.88
-2.21%$39.58
10.97%$101,492.00
5.17%$0.626664
16.38%$0.223179
9.96%$2,186.11
13.35%$100,101.00
5.30%$0.01700136
13.79%$0.744132
4.58%$0.304653
13.26%$0.00000073
5.99%$0.072704
39.53%$3.91
3.97%$2.19
10.19%$0.118288
8.52%$20.45
16.64%$0.665657
23.71%$41.29
6.13%$2,145.24
13.32%$0.997725
-0.00%$0.400171
9.93%$0.01880169
12.53%$1.002
0.31%$0.582366
9.47%$0.322065
10.91%$1.11
-0.11%$3.65
16.17%$0.722968
20.81%$1.76
12.28%$0.615579
27.57%$2,139.05
11.93%$0.14786
12.01%$0.456611
18.59%$0.0093346
14.86%$0.00578375
10.89%$0.205886
30.05%$101,073.00
4.51%$110.97
0.01%$0.458143
7.15%$0.99756
-0.17%$7.47
11.87%$0.190672
11.96%$101,023.00
4.44%$0.999999
0.01%$0.486506
15.88%$1.35
9.85%$0.613178
11.31%$16.67
9.97%$0.065737
0.15%$0.999999
0.01%$2,053.51
13.38%$0.0000227
9.32%$96,208.00
1.33%$0.142974
12.61%$2,182.36
13.08%$1.59
8.12%$2,052.10
13.27%$0.54209
12.81%$0.00822194
16.00%$6.11
10.84%$0.00000043
2.96%$2,046.32
13.16%$1.69
5.85%$2,092.80
11.78%$0.00605715
9.86%$2.59
12.40%$0.1665
4.85%$0.0428616
11.87%$1.086
0.06%$1.004
0.38%$0.155191
2.90%$3.41
18.81%$0.245804
13.33%$0.079396
11.10%$0.087837
13.90%$0.00000102
40.70%$2,054.07
13.31%$1.47
16.09%$42.23
10.92%$0.563871
16.15%$0.389068
9.82%$0.37429
2.64%$32.74
2.08%$0.03602976
5.86%$0.01850806
4.52%$0.177863
5.96%$1.002
0.12%$21.58
0.55%$0.00419246
4.72%$1.001
0.05%$0.00006238
7.61%$0.308815
23.56%$0.811441
6.64%$0.582325
30.54%$1.39
3.21%$0.733849
14.78%$2,038.63
13.26%$0.326383
11.94%$0.999573
0.15%$0.716368
7.76%$101,205.00
4.60%$1.00
-0.05%$1.00
-0.02%$120.18
11.26%$102,179.00
5.51%$0.00306551
8.99%$0.00000149
2.13%$1.097
-0.09%$2,170.47
13.42%$2.64
10.57%$21.34
11.14%$0.210235
12.15%$0.236255
9.20%$0.03409959
8.70%$21.95
4.50%$1.00
0.04%$3,335.89
-1.46%$3.40
11.10%$22.72
8.05%$2,253.91
13.46%$0.00308845
16.20%$0.547774
5.94%$0.993046
31.93%$2,236.78
13.32%$0.26961
8.21%$1.28
-10.53%$3.30
14.63%$16.14
11.72%$2,035.24
4.64%$2.78
5.50%$2,052.31
13.26%$0.00346914
12.34%$0.0372521
7.38%$2,212.02
13.27%$21.95
4.48%$100,937.00
5.90%$0.0130247
9.68%Reading
After weeks of “chopsolidation,” digital assets mounted a slow but steady comeback as bearish government actors lost their grip on the wider market.
Though it mostly traded sideways, the price of Bitcoin posted a modest 3.3% gain over the past seven days to enter the weekend at $57,966, having stabilized well above its $53,900 low from last Friday.
The leading crypto asset now appears all but relieved of sell-side pressure from the German government, which sent its last remaining Bitcoin to exchanges on Friday. The state’s wallet, which boasted 50,000 BTC for months until late June, has now seen its balance reduced to zero.
We have absorbed the German #Bitcoin selloff like a dry sponge. pic.twitter.com/c1xdInYB35
— Lark Davis (@TheCryptoLark) July 12, 2024
Bitcoin sales from Germany, the United States, and Mt. Gox creditors have been a prevailing narrative spooking all of crypto over the last several weeks. Now, with Bitcoin’s mining difficulty falling off substantially and short-term traders panic selling at a loss, on-chain analysts believe the asset may be at or close to a local bottom.
That’s good for altcoins too, which have largely performed even better than Bitcoin this week. Ethereum (ETH) closed out the week up 5.5% to $3,126, with Ethereum ETF issuers wrapping up some of their last paperwork with regulators before launching their products.
ETH holders got some regulatory relief this week after Rostin Benham—chairman of the Commodities and Futures Trading Commission (CFTC) —reported that ETH had been “reaffirmed” as a commodity in a federal court ruling earlier this month. Though a non-binding decision, it is something that courts can take into consideration in future crypto-related cases, including those surrounding smaller-cap tokens.
In fact, many such tokens enjoyed sizable gains this week. BNB rose by 6.8% after Paxos confirmed Thursday that the SEC has forfeited its investigation into its sister stablecoins, Binance USD (BUSD). XRP and Cardano (ADA)—both tokens that have historically faced SEC scrutiny—both rose a whopping 19%.
Further down the market cap rankings, Stacks (STX) popped by 21.5% after Hiro, the Stacks blockchain infrastructure provider, announced that the SEC had closed its 3-year investigation into the firm on Friday.
Looking at crypto stocks, MicroStrategy (MSTR) is up 6.06% over the last five trading days. On August 8, the company plans to undergo a 10-for-1 stock split, so that figure is poised to go much lower within a few weeks.
Edited by Ryan Ozawa.
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