What we will talk about today...

Michael Saylor Warns German Community About Bitcoin

Michael Saylor, co-founder of MicroStrategy, urges the German Bitcoin community and government to hold onto their BTC, highlighting recent large-scale sales.

• Main Points:

  • Saylor's Warning: Michael Saylor tweets in German advising against selling Bitcoin.

  • German Government Sales: Germany sold 50,179 BTC in recent weeks.

  • Samson Mow's Plan: Proposal to reacquire 50,000 BTC for Germany.

• Detailed Insights:

  • Saylor's Warning: Michael Saylor tweeted "Du verkaufst deine Bitcoin nicht" ("Do not sell your Bitcoin") in German, addressing both the German government and the local BTC community. This marks his first German-language warning this week, similar to his past messages during global BTC sell-offs

  • German Government Sales: Over the past 24 days, the German government has sold 50,179 BTC, worth approximately $3.3 billion. Recently, they transferred almost 10,000 BTC to exchanges like Bitstamp and Coinbase, selling off most of it, and currently hold zero Bitcoin. These BTC were confiscated from the Movie2k website in January.

  • Samson Mow's Plan: Bitcoin maximalist and Jan3 CEO Samson Mow suggested that Germany, along with MP Joana Cotar, develop a strategy to reacquire at least 50,000 BTC. This plan aims to position Bitcoin as a reserve currency for the nation.

Related: VanEck CEO Shares Bullish Views on Bitcoin and Gold

SOL Fights to Regain $145 Amid Strong Network Fundamentals

Solana's native token, SOL, struggles to stay above $145 despite strong network fundamentals indicating a potential rally to $160.

• Main Points:

  • SOL Price Performance: SOL has underperformed compared to other cryptocurrencies.

  • Market Sentiment: Traders fear continued bearish momentum.

  • Network Strength: Solana's on-chain and derivatives metrics show potential for a bullish reversal.

  • Total Value Locked (TVL): Solana's TVL rivals BNB Chain.

  • User and Volume Growth: Solana's network activity is increasing.

• Detailed Insights:

  • SOL Price Performance: Since July 3, SOL has been unable to close above $145, underperforming other cryptocurrencies. It fell 7.8% compared to BNB's 6.5% and Ether's 6.5% declines during the same period.

  • Market Sentiment: Decreased investor interest in cryptocurrencies has caused a 5% drop in the sector's market capitalization over nine days. Traders are concerned that SOL's bearish trend will persist, even if the broader market recovers.

  • Network Strength: Despite price struggles, Solana's on-chain metrics and SOL's derivatives indicate no signs of stress. This suggests a possible price reversal, potentially reaching $160.

  • Total Value Locked (TVL): Solana's TVL matched the BNB Chain for the first time on July 5. Solana now competes closely with BNB Chain for second place in deposits. Key highlights include liquid staking Jito with $1.6 billion in deposits, Marinade with $1.1 billion, and Kamino also nearing $1.1 billion in TVL.

  • User and Volume Growth: Solana's DApp activity improved over the past seven days, gaining 19% in users and a 12% increase in volumes, totaling $703 million. In contrast, Ethereum and BNB Chain saw declines in both users and volumes. Solana’s decentralized exchange, Raydium, saw a 39% increase in active addresses, totaling 1.71 million.

Related: Bitcoin Traders Hit by 'Extreme Fear’

ICYMI: German Government Among Many Selling Bitcoin

Amid reports of the German government selling Bitcoin, other entities like Genesis Trading have also been offloading large amounts, impacting the broader crypto market.

• Main Points:

  • German Government Sales: Significant Bitcoin sell-offs by the German government.

  • Genesis Trading Sales: Genesis Trading begins selling $2 billion worth of Bitcoin.

  • Impact on the Market: Combined sell-offs have pressured Bitcoin prices.

  • Future Outlook: The German government is running out of Bitcoin to sell.

• Detailed Insights:

  • German Government Sales: Over the past month, the German government has been a prominent seller, negatively affecting Bitcoin prices and the broader crypto market. These sell-offs were part of disposing of 50,000 BTC seized from the piracy website Movie2k.

  • Genesis Trading Sales: following a Chapter 11 bankruptcy resolution, Genesis Trading has begun selling its $2 billion Bitcoin stash. In June 2024 alone, Genesis Trading executed six significant transactions, totaling 7,074.4189 BTC ($466.65 million) sent to Coinbase.

  • Impact on Market: The combined sell-offs from the German government and Genesis Trading have exerted substantial selling pressure on Bitcoin, contributing to the market's overall decline.

  • Future Outlook: The German government’s Bitcoin holdings are depleting rapidly, with less than 5,000 BTC left from the initial 50,000 BTC. This indicates that the market might see some relief as these sell-offs wind down.

Related: VanEck CEO Shares Bullish Views on Bitcoin and Gold

CAN YOU PREDICT THE PRICE?

HOW DID WE DO? 🤷

Stay Tuned For More Twists and Turns in
🚀The Crypto World & Happy Investing🚀

This article is not financial advice. Market conditions can change rapidly, and past performance does not guarantee future results