Cryptocurrency Price Movements Today: Bitcoin, Ether Prices Waver

By
Kyle Torpey
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Kyle Torpey has been writing about Bitcoin since 2013. His work has been featured in Forbes, Fortune, Bitcoin Magazine, Wired UK, and many other media outlets. He has also attracted more than 50,000 followers on Twitter.
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Published July 08, 2024
03:57 PM EDT
A physical representation of a golden bitcoin.

Photo by Dale De La Rey / AFP via Getty Images

Key Takeaways

  • Bitcoin traded above $56,000 Monday afternoon.
  • The world's largest cryptocurrency has fallen over the past 24 hours amid lingering worries regarding potential large sales from former customers of failed bitcoin exchange Mt. Gox and Germany.
  • According to one analyst, the worries regarding Mt. Gox may be more relevant to Bitcoin Cash.
  • Ethereum-based project Golem has also sent more than $100 million worth of ether to exchanges over the past month and still has hundreds of millions of dollars more worth in its treasury.

Bitcoin (BTC) traded above $56,000 Monday afternoon, sliding amid movements of funds on the blockchain by addresses connected to failed bitcoin exchange Mt. Gox.

Disbursements of bitcoin and bitcoin cash to former customers of the exchange began last week. Some observers believe the supply is weighing on prices, though others say the long-expected event is already priced into the market. Peter Chung, Presto Labs Head of Research, said bitcoin cash is more likely to be affected.

Some investors, meanwhile, worried about Germany's selling of bitcoin originally seized by the German Federal Criminal Police Office from piracy website Movie2k.to. According to Arkham Intelligence, Germany still possesses 26,318 BTC valued at $1.4 billion, but has sent more than half of the nearly 50,000 bitcoin it had seized out of its Bitcoin address. After steadily sending out bitcoin starting in June, the German authorities also sent a significant amount of bitcoin to the exchanges on Monday.

Bitcoin was recently down more than 1% over the past 24 hours, according to CoinDesk.

Selling pressure from Mt. Gox customers and the German government may be seen as a buying opportunity, according to digital asset manager CoinShares, which said global digital asset investment products saw $441 million of inflows last week.

Ether (ETH) is also experiencing a potential liquidation of a large holder in the form of Ethereum-based decentralized application Golem, which raised more than 800,000 ether in an initial coin offering in 2016. According to Arkham Intelligence, Golem has already sent more than $100 million worth of ether to exchanges over the past 30 days, and the project still has roughly $388 million worth of ether at its disposal.

Either recently traded near $3,000, up less than 1% over the past 24 hours.

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  1. Arkham Intelligence. "Mt. Gox."

  2. Presto Labs. "Mt. Gox Repayment: A Catalyst For Long BTC Short BCH Pair Trade?."

  3. Polizei Sachsen. "INES: Integrierte Ermittlungseinheit Sachsen sichert nahezu 50.000 Bitcoins."

  4. Arkham Intelligence. "German Government (BKA)."

  5. CoinShares. "Digital Asset Fund Flows | July 8th 2024."

  6. Arkham Intelligence. "Golem."

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