Bitcoin (BTC) returned to trade above $58,000 after two consecutive days of losses
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The rebound sustained at press time with BTC up 2.15% in the last 24 hours to $58,215 after reaching intraday highs of $58,483., the German government sent out its last Bitcoin on Friday, potentially ending billions of dollars in sales that have sparked market speculation in recent weeks, citing data from blockchain monitoring firm Arkham Intelligence.
The government, which reportedly now has a zero balance in its main account, likely began selling its hoard of more than $2 billion in Bitcoin through exchanges such as Coinbase, Kraken and Bitstamp three weeks ago, according to Arkham's transaction log.A week after the Bitcoin price fell to its lowest level since February, dip buyers returned in force, providing Bitcoin exchange-traded funds with their highest inflows in more than a month.
BlackRock and Fidelity Bitcoin funds topped the jump, raising $403 million and $361 million, respectively. Meanwhile, Grayscale's ETF lost about $87 million, continuing its trend of losses.Tomiwabold is a cryptocurrency analyst and an experienced technical analyst. He pays close attention to cryptocurrency research, conducting comprehensive price analysis and exchanging predictions of estimated market trends. Tomiwabold earned his degree at the University of Lagos.
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