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Kang-hoon

Thu, June 20, 2024 at 23:13

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    Kang-hoon

    • Hello, Annie.

    • Today, I have some significant news regarding the German government's recent actions in the cryptocurrency market.

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  • Annie

    • Oh, interesting!

    • What have they done?🤔

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    Kang-hoon

    • The German government has started selling millions of dollars worth of Bitcoin from a confiscated wallet.

    • This action is contributing to the current lack of positive catalysts for a price recovery in the cryptocurrency market.

  • Annie

    • Wow, that's huge!

    • How much Bitcoin are we talking about here?

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    Kang-hoon

    • Just recently, they moved $65 million worth of Bitcoin to likely exchange deposits, including Coinbase.

    • Earlier this week, they moved $600 million worth of Bitcoin, with $130 million sent to exchanges like Kraken and Bitstamp.

  • Annie

    • That's a lot of Bitcoin!😲 How much do they still hold?

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    Kang-hoon

    • According to Arkham, the German government still holds about $3.05 billion worth of Bitcoin.

    • This is after they seized 50,000 Bitcoin, worth $2.17 billion, in late January.

  • Annie

    • That's incredible.

    • Why did they seize so much Bitcoin?

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    Kang-hoon

    • The seizure occurred after suspects voluntarily transferred the Bitcoin to official wallets provided by the Federal Criminal Police Office (BKA).

  • Annie

    • I see.

    • How is this affecting the market?

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    Kang-hoon

    • The increased selling activity, combined with unprecedented selling by long-term Bitcoin whales, has led to a sharp price correction.

    • This is preventing Bitcoin from consolidating above $70,000 and retesting its previous all-time high.

  • Annie

    • So, the whales are selling too?

    • How much have they sold?

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    Kang-hoon

    • Yes, long-term Bitcoin whales have sold a substantial $1.2 billion worth of Bitcoin over the past two weeks.

    • This has further exacerbated the market downturn.

  • Annie

    • That's quite a lot.

    • What do analysts say about the future of Bitcoin's price?

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    Kang-hoon

    • Technical analyst Mags has provided an analysis suggesting two possible scenarios.

    • One is reclaiming the mid-range, which could lead to a potential run back towards the range high and possibly a bullish trend continuation.

  • Annie

    • And the other scenario?

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    Kang-hoon

    • The other scenario involves retesting the range low near $60,500.

    • This could lead to a prolonged period of sideways movement, potentially extending the consolidation phase.

  • Annie

    • So, even in the second scenario, there's still a chance for a bullish outlook?

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    Kang-hoon

    • Yes, Mags maintains a bullish outlook because the overall higher time frame structure remains positive, despite the short-term volatility.

  • Annie

    • That's somewhat reassuring.

    • But overall, would you say this news is good or bad for the market?

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    Kang-hoon

    • Overall, I would categorize this as bad news.

    • The significant selling pressure from both the German government and long-term whales is creating substantial volatility and preventing Bitcoin from stabilizing and moving towards its previous highs.

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  • Annie

    • Got it.

    • Thanks for the detailed explanation, Kang-hoon.

    • This helps a lot!😊

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    Kang-hoon

    • You're welcome, Annie.

    • Always here to help you understand the market better.

    • Upon comprehensive consideration, this news is perceived as a 😱Bearish.

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