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BTC Rebounds From $54K

Germany’s bitcoin sales and Mt. Gox’s reimbursements have recently shaken up the crypto market, and the drama may not be over yet. The eurozone’s biggest economy still holds 39,826 BTC worth $2.2 billion, according to data tracked by Arkham Intelligence. The stash, a potential source of selling pressure, represents nearly 9% of BTC’s 24-hour trading volume of $25.3 billion, suggesting further price turbulence. Early this year, the German Federal Criminal Police Office seized 49,857 BTC from the operators of Movie2k.to, a privacy website that was last active in 2013. Since mid-June, the government has liquidated over 10,000 BTC, putting downward pressure on the cryptocurrency’s going market rate.

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