Bitcoin, the primary crypto asset surged over the weekend to a price level of $63,000 as selling pressure eased in the crypto market following the end of the Bitcoin selling spree by the German government.
Coingecko data revealed that the primary crypto asset is currently at $63,000 representing a 4.4% rise in the last 24 hours.
Aside from the end of the selling spree by the German government, several factors contributed to the recent surge in the price of Bitcoin the most significant being the survived assassination attempt of Donald Trump who is Pro crypto.
Donald Trump, the forebearer of the November presidential elections in the United States escaped an assassination attempt during a political rally in Pennsylvania.
This incident seriously boosted the chances of Trump, a Pro crypto candidate winning the presidential elections resulting in a Bullish sentiment in the crypto market.
The bullish sentiment and the drop in selling pressure earlier faced by Bitcoin helped push its price to $63,000 on Monday morning.
Donald Trump is slated to speak at the upcoming Bitcoin 2024 conference in Nashville later this month. The event organizers confirmed this via a post shared on X.
Selling Pressure over for the moment
The German government last Friday emptied its crypto wallet by selling off over $300 million worth of Bitcoin assets to wallets on Bitstamp, Coinbase, Kraken, B2C2 Group, Cumberland DRW, and others, according to Arkham Intelligence data.
The German government completed a shocking feet of selling of its 50,000 BTC assets seized from a popular movie piracy site in Germany. Bitcoin price reacted to these sell-offs dropping as low as $54,000 as it battled selling pressure. The Bitcoin price over the weekend rebounded to $63,000 since the on-chain activities of the German government are now over.
The selling pressure has now eased since the Government emptied its wallet. Another looming concern as regards selling pressure is the expected creditor repayments of over $8.5 billion worth of Bitcoin by Mt.Gox.
Analysts expect another selling pressure for Bitcoin when the repayments begin since most Mt.Gox creditors are sitting on a 10-year profit and would likely look to sell their assets.
Crypto traders lose over $100 million to liquidations
According to Coinglass’s data about 40,640 traders were liquidated in the past 24 hours. The total liquidations come in at $126.79 million and Bitcoin contributed to $55.70 million of the liquidations.
Ethereum, the second largest crypto asset followed closely by $24.28 million in liquidations. $100.91 million of the leveraged positions were short positions.
What to Know
- Crypto prediction markets like Polymarket witnessed a surge in the odds of Trump winning the November presidential elections after his failed assassination attempt days ago. Trump is generally perceived as a Pro crypto candidate and the increased chances of him winning the elections positively rubbed off on the crypto market.
- Bitwise CEO Matt Hougan proposed that Bitcoin could hit $100,000 by year-end fueled by an improved perception of cryptocurrencies in the US, favourable Federal Reserve policies, and increased adoption of stablecoins.
