Veröffentlicht am

German’s BKA transfers more Bitcoin to exchanges including Kraken and Bitstamp

  • German Government transferred 250 Bitcoin worth approx. $15.4M to Kraken and Bitstamp on June 26.
  • The government has transferred a total of $150M in BTC to various addresses.
  • The German Government BTC transfers and Mt. Gox repayments pile pressure on Bitcoin price.

The German Federal Criminal Police Office (BKA) has made additional Bitcoin transfers to different addresses, including Kraken and Bitstamp.

These moves have sparked considerable market speculation and concerns about their potential impact on Bitcoin’s price.

Recent Bitcoin transfers by the German Government

On June 26, a wallet reportedly controlled by the BKA transferred 750 BTC, valued at $46.35 million, to different adresses, marking another instance of the German government engaging in Bitcoin transactions.

These transfers are part of a larger series of activities following the seizure of 50,000 BTC from the film piracy site Movie2k in January.

According to Lookonchain, the German authorities sent 250 BTC, worth $15.41 million, to both Bitstamp and Kraken. Additionally, they transferred 500 BTC, valued at $30.9 million, to an unidentified address labeled “139Po,” which is potentially another exchange.

Today’s transfers come just a day after German authorities moved 400 BTC, valued at $24.3 million, to Coinbase and Kraken on June 25.

This activity is part of a broader trend observed over the past week, with the German government transferring approximately $150 million worth of seized Bitcoin to known exchange addresses, in addition to $147 million sent to the “139Po” address.

Despite these substantial transfers, the government still holds a significant amount of 45,609 BTC, valued at approximately $2.8 billion.

Earlier in June, the German authorities received 310 BTC, worth $20.1 million, from Kraken and smaller amounts totaling 90 BTC, worth $5.5 million, from Robinhood, Bitstamp, and Coinbase.

Potential impact on the crypto market

The large movements of bitcoins by the German government have had a noticeable effect on the market.

Notably, Bitcoin’s price has dropped about 6% during this period, reflecting market reactions to these substantial transfers.

Analysts are concerned that the government’s liquidation of its seized Bitcoin might push Bitcoin’s price below the critical $60,000 threshold. Recent market trends support this view, as Bitcoin has experienced an 11% decrease on the monthly chart and over 6% on the weekly chart, with its price standing at $61,065 per coin at the time of writing.

Market analyst Willy Woo suggests that Bitcoin might go through a correction phase lasting up to four weeks before resuming its price rally. He emphasizes the potential for a “cooling down” period in Bitcoin’s price action. Additionally, there might be further selling pressure in July as Mt. Gox plans to distribute repayments in Bitcoin and Bitcoin Cash to its creditors.

With over $9.4 billion worth of Bitcoin owed to approximately 127,000 Mt. Gox creditors, who have been waiting for over a decade, this repayment could substantially impact Bitcoin’s price.

The crypto community is closely monitoring these developments, particularly the sell-off pressure that might be triggered by the German government’s Bitcoin transfers and the upcoming Mt. Gox repayments.

Both events could significantly influence the Bitcoin market dynamics in the coming months.

The post German’s BKA transfers more Bitcoin to exchanges including Kraken and Bitstamp appeared first on CoinJournal.

Veröffentlicht am

Bitwise CIO says Ethereum ETPs will attract $15B net flows in first 18 months

  • Bitwise CIO Matt Hougan says Ethereum ETPs could see $15 billion in net flows in the first 18 months.
  • Hougan suggests that a comparison with Bitcoin puts Ether ETFs net inflows at this AUM by end of 2025

The Ethereum spot ETFs are a matter of when, not if, in terms of their trading debut.

Ahead of the SEC’s approval for trading – analysts say it could be next week – Bitwise chief investment officer Matt Hougan has shared a bullish project on potential net inflows.

Bitwise CIO says Ethereum ETFs to see $15 billion in net inflows in 18 months

According to Hougan, the Ethereum ETPs market is set to attract net inflows of $15 billion in the first 18 months.

On how this pans out, the Bitwise CIO shares a scenario comparing the market size of Bitcoin and Ethereum. In this case, BTC currently accounts for 74% of the market share at $1.2 trillion while Ether is at 26% with $400 billion.

“Absent other information, I’d expect investors to allocate to BTC and ETH ETPs roughly in-line with their market caps,” Hougan wrote in a report.

Hougan also noted that US investors have poured about $56 billion into spot Bitcoin ETFs so far and this number could reach $100 billion by the end of 2025. In that case, the debut of Ether spot ETFs would mean an injection of $35 billion in assets for them to reach a comparative level of adoption.

“Using this $100 billion figure as a reference, spot Ethereum ETPs would need to attract $35 billion in assets to reach parity, a process I expect will take about 18 months,” he wrote.

BTC, ETH prices

Spot Bitcoin ETFs launched in January this year, sparking massive demand as new investors sought exposure to the benchmark cryptocurrency. BTC price rose as this and other factors buoyed sentiment to reach the all-time high above $73,000.

Ether also surged to above $4,000, although both coins are back to support levels around $61k and $3.3k respectively.

Despite the bearish flip, analysts are bullish on the two cryptocurrencies, including Standard Chartered who see BTC reaching $250,000 by end of 2025. SEC’s reported ending of probe into Ethereum 2.0 also lifted the Ether market.

The post Bitwise CIO says Ethereum ETPs will attract $15B net flows in first 18 months appeared first on CoinJournal.

Veröffentlicht am

PancakeSwap and Allora Network launch an AI prediction market on Arbitrum Network

  • PancakeSwap partners with Allora Network to launch AI prediction market on Arbitrum.
  • Users can earn up to 60,000 ARB rewards with 100% Fund Protection for predicting ETH price movements.
  • Future plans include expanding the AI predictions to more on-chain and off-chain markets.

PancakeSwap has partnered with Allora Network to launch an AI-powered prediction market on the Arbitrum Network.

The AI-powered prediction market aims to empower users with advanced tools to predict Ethereum price movements and participate in a dynamic, AI-driven environment.

PancakeSwap’s new AI prediction market

PancakeSwap’s new AI prediction market introduces a novel way for cryptocurrency enthusiasts to engage with market dynamics.

Powered by Allora Network’s sophisticated AI algorithms, users can leverage predictive insights to forecast ETH price fluctuations on the Ethereum Layer 2 (L2) Arbitrum network.

The integration of AI technology ensures a robust prediction mechanism, backed by Allora’s track record of accurate price forecasts across various assets.

Participants in the prediction market have the opportunity to compete for rewards totaling up to 60,000 ARB tokens.

This incentive structure not only encourages active participation but also aligns with PancakeSwap’s commitment to fostering a secure and engaging decentralized finance ecosystem. With 100% Fund Protection, users can confidently engage in predicting ETH price movements without concerns about the safety of their contributions.

PancakeSwap keen on expanding its exchange’s utility

PancakeSwap’s decision to deploy this AI-powered prediction market on Arbitrum highlights its dedication to expanding the utility of decentralized exchanges beyond traditional trading.

By integrating Allora Network’s AI capabilities, PancakeSwap enhances user experience by offering predictive tools that adapt and evolve based on market dynamics. This approach not only enhances the accuracy of price predictions but also mitigates potential risks associated with market manipulation, ensuring a fair and transparent environment for all participants.

Looking ahead, PancakeSwap and Allora Network plan on expanding the predictive capabilities of the predictive market beyond ETH price movements to encompass a broader range of on-chain and off-chain markets.

This strategic expansion aims to cater to a wider audience of cryptocurrency investors and traders, offering tailored investment strategies and real-time risk management tools through upcoming initiatives like CupcakeHop.

The post PancakeSwap and Allora Network launch an AI prediction market on Arbitrum Network appeared first on CoinJournal.

Veröffentlicht am

MAGA and TREMP lead bounce ahead of Trump vs. Biden debate

  • MAGA Hat (MAGA) traded at $0.0003611, more than 20% up in the past 24 hours.
  • Donald Tremp (TREMP) was changing hands at $0.7933, more than 18% up over the sale time frame.
  • President Joe Biden and former president Donald Trump will face off in the first debate on Thursday.

MAGA Hat (MAGA) and Donald Tremp (TREMP) are among the top gainers in the PolitiFi meme coins market today.

As well as Trump Mania (TMANIA), these meme coins have soared double digits each in the past 24 hours, outpacing the likes of Constitution DAO, TRUMP and BODEN.

MAGA and TREMP tokens soar

MAGA Hat currently trades around $0.0003611, about 20.5% in the past 24 hours and 49% this past week. Meanwhile, TREMP is changing hands around $0.7933, more than 18% in the past 24 hours and 13% over last week.

The gains are part of the overall bounce for PolitiFi tokens ahead of the US presidential candidate’s debate.

Anticipation around the event and the upcoming election has the sector poised for a possible explosion – with meme coins inspired by former president Donald Trump accounting for most of the top 10 political meme coins.

CoinGecko data in fact shows that there’s only one crypto meme coin on President Joe Biden in the top 10 of PolitiFi tokens as of writing – Jeo Boden (BODEN).

These tokens could collectively see some increased volatility in the week and after the first public debate set for June 27. Trump’s increased crypto-friendly stance contrasts sharply with the Biden administration’s approach over the past years.

Despite recent actions that suggest a crypto shift for the incumbent, including the rehiring of a former crypto advisor, it’s largely been Trump making headway as a crypto champion. The Republican party candidate’s campaign has received crypto donations, holds crypto and has pledged to “end Biden’s war on crypto.”

The televised debate will air on Thursday.

The post MAGA and TREMP lead bounce ahead of Trump vs. Biden debate appeared first on CoinJournal.