Welcome to Extreme Investor Network, where we provide you with the latest insights and analysis on the stock market, trading, and all things Wall Street. Today, we’ll be discussing the recent price action of Bitcoin in June 2024.
In the chart above, we can see that Bitcoin’s price fell to a 50-day low of $58,500 on Monday, June 24. However, bulls quickly stepped in and staged a 5.4% rebound, reclaiming the $65,000 territory by June 30.
One key factor influencing the bearish downswing at the start of the week was the Mt. Gox creditors who finally received repayments after more than a decade of legal battles. Their actions had a significant impact on the market.
Looking ahead, there are concerns about impending sell-offs from German authorities. The German Federal Criminal Police Office (BKA) recently transferred $24 million in Bitcoin to cryptocurrency exchanges Kraken and Coinbase. This follows a series of similar transactions totaling $195 million in June.
Additionally, the BKA moved an additional $30 million worth of BTC to an unidentified wallet, while still holding over 46,000 BTC worth $2.8 billion in their government wallet. Analysts speculate that these transfers may be a prelude to a sale, but the impact on the market is expected to be minimal due to the relatively small amount compared to Bitcoin’s daily trading volume.
Stay tuned to Extreme Investor Network for more updates on market trends and insights to help you make informed investment decisions. Remember, knowledge is power when it comes to navigating the world of trading and investing.