Key Takeaways
- Bitcoin demonstrated its ability to quickly recover from sharp declines, rallying from lows of around $55,708 to highs close to $62,000 within a week.
- The conclusion of the German government’s selloff of seized Bitcoins removed a major source of selling pressure, contributing to Bitcoin’s stabilization and subsequent price increase.
Bitcoin seems to recover from its recent lows as the world’s leading cryptocurrency now sets its sights on the $65,000 mark. The market’s resilience, bolstered by regulatory endorsements and the conclusion of german Government Bitcoin selloff, was further fueled by an unexpected surge in enthusiasm following the assassination attempt on former U.S. President Donald Trump.
BTC Early Week Decline and Subsequent Recovery
In a tumultuous week beginning July 8th, Bitcoin experienced a significant dip, plummeting to a low of approximately $55,708.
Bitcoin’s steep decline early in the week raised concerns among investors, but BTC quickly began to rebound. Between July 9th and July 11th, Bitcoin prices fluctuated between $56,000 and $59,000, reflecting a period of market uncertainty and adjustment. However, by July 11th, Bitcoin price showed signs of stabilization and embarked on a gradual upward trend, breaking through the $60,000 mark around July 14th and reaching a high of around $62,000 by the week’s end. This recovery underscores Bitcoin’s ability to regain ground quickly amidst volatile conditions.
Major Events Impacting Bitcoin’s Price This Week
- Mt. Gox Wallet Movement: One of the primary catalysts for the initial decline was the movement of nearly 47,229 BTC by the defunct exchange Mt. Gox. The anticipation of a $9 billion payout promised in early July injected uncertainty into the market. This significant movement of funds likely contributed to the brief dips as investors reacted to the potential influx of Bitcoin into the market.
- Positive Regulatory Comments: Positive regulatory statements also played a crucial role in Bitcoin’s recovery. On July 9th, Rostin Behnam, chief of the U.S. Commodity Futures Trading Commission (CFTC), reiterated his stance before the U.S. Senate Committee, classifying Bitcoin and Ethereum as commodities. This endorsement by a key regulatory figure, reinforced by a recent Illinois court ruling, bolstered market sentiment and contributed to the upward trend in Bitcoin’s price.
- The End of German Government Bitcoin Selloff: The end of the German government’s Bitcoin selloff also marked a turning point. Since June 2018, Germany had been offloading 50,000 Bitcoins it seized from the online piracy platform Movie2K in January. The selloff, which involved transferring thousands of Bitcoins to various exchanges, exerted downward pressure on the market. Bitcoin price started to decline immediately after the German authorities began moving funds to exchanges on June 18. Bitcoin price went down from $66,546 on June 18 to as low as $53,905 on July 5. The German wallet reached a zero balance on Friday, July 12th, signaling the end of these sales. This conclusion removed a significant source of selling pressure, allowing Bitcoin to recover from its mid-June lows.
Market Rebound Post Trump Assassination Attempt
Another unexpected factor influencing Bitcoin’s price was the assassination attempt on former U.S. President Donald Trump.
Gracy Chen, CEO of Bitget, noted that the event triggered a surge of enthusiasm within the crypto community, particularly among those who view Trump as a crypto advocate. The immediate aftermath saw the launch of several Trump-themed tokens, which experienced significant gains. While this enthusiasm contributed to Bitcoin’s rebound, Chen cautioned that Trump-themed tokens might face pump-and-dump patterns and political risks, making them less viable for long-term investment.
By July 14th, Bitcoin’s price reached a high of around $62,000, reflecting strong bullish momentum and renewed investor confidence. The combination of stabilizing factors, such as the end of the German selloff and positive regulatory comments, alongside the speculative frenzy following the Trump incident, contributed to this rebound.
Top Performing Altcoins, July 8th – July 15th
| Rank | Name | Price | 7D % | Market Cap |
| 86 | Mog Coin (MOG) | $0.000002079 | +56.08% | $749,282,282 |
| 31 | Stacks (STX) | $1.87 | +35.17% | $2,763,266,730 |
| 35 | VeChain (VET) | $0.03198 | +32.51% | $2,589,924,993 |
| 24 | Internet Computer (ICP) | $9.14 | +27.72% | $4,263,285,232 |
| 53 | Aave (AAVE) | $104.92 | +27.25% | $1,560,566,204 |
| 33 | Maker (MKR) | $2,792.45 | +26.46% | $2,597,425,904 |
| 91 | Ronin (RON) | $2.19 | +24.27% | $737,400,279 |
| 7 | XRP (XRP) | $0.5351 | +21.89% | $29,860,978,644 |
| 98 | Pendle (PENDLE) | $4.38 | +21.57% | $681,705,788 |
| 70 | MANTRA (OM) | $1.12 | +21.27% | $932,030,244 |
This past week in the cryptocurrency market has also seen notable increases among several altcoins, driven by BTC rebound.
Amongst the top performing altcoins this week, Mog Coin (MOG) leads the top 100 coins by market cap with an impressive 56.08% increase. The cryptocurrency, priced at just $0.000002079, has seen significant volume, indicating a growing interest possibly driven by new market entries or speculative trading.
Stacks (STX) and VeChain (VET) are amongst top three gainers after Mog Coin. Stacks (STX) has risen by 35.17% to $1.87 while VeChain (VET) has also posted strong gains, up by 32.51% to $0.03198.
Internet Computer has gained 27.72%, reaching $9.14. The protocol’s vision for a decentralized web may be resonating well with investors, pushing its market cap significantly higher. Ronin (RON), associated with the popular Axie Infinity game, grew by 24.27%, indicating a resurgence in interest possibly linked to new gaming updates or broader NFT market movements.
XRP experienced a 21.89% increase to $0.5351. Ongoing legal developments and potential for increased usage in financial transactions continue to influence its market price.
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