Bitcoin (BTC) Price Rallies 1.94% as the Market Weighs the Impact of the German Government\'s and Mt. Gox\'s Transfers

Bitcoin (BTC) climbed above $66,000 at one stage on Tuesday night before retreating to around $65,757.

Bitcoin price rose to $65,757 at the time of writing, showing a 1.93% gain. BTC price briefly climbed above $66,000 on Tuesday night before retreating.

The world’s largest cryptocurrency traded up 1.94% over the past 24 hours, showing a slight increase compared to the 1.88% gain in the last 24 hours. Ether also traded above $3,500 briefly tonight and is currently changing hands at around $3,487, up 0.78% in the last 24 hours.

The Block’s price page shows that BTC price reached a low of $32,950 on January 24 and a high of $69,000 on November 10. Ether’s price ranged between a low of $2,150 on January 24 and a high of $4,870 on March 28, according to The Block’s price page.

“We’re seeing the conversion of multiple factors, all supporting prices… for now,” Justin d'Anethan, head of APAC business development of crypto market maker Keyrock, told The Block, adding that a key factor was the failed assassination attempts on Trump at a rally over the weekend.

“Traders are undoubtedly thinking two steps ahead: with predictions markets shooting up for Trump’s odds to win the 2024 elections, one would assume a supportive policy for markets and the economy, along with pressure on the central bank to lower rates, which ultimately is bullish for risk assets and so include crypto,” d'Anethan added. “This is even without accounting for the favorable crypto view touted by Trump and his new running mate senator J.D. Vance.”

Earlier this week, Trump selected Vance as his running mate for the upcoming presidential election. Vance is well-known in the crypto space for his support of the repeal of the SAB121 bill and his ownership of over $100,000 in bitcoin. Min Jung, an analyst of Presto Research, said that Trump’s nomination of Vance has “positively impacted the market sentiment.”

Meanwhile, the German government’s sale of confiscated bitcoin holdings and concerns over Mt. Gox's imminent bitcoin payout largely contributed to last week's market dip. However, it appears that the German government has finished selling off its bitcoin. “The wallet seems to be emptied now and so one would assume the selling pressure has been relieved,” d'Anethan said.

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Mt. Gox, on the other hand, has continued to move billions of dollars worth of bitcoin ahead of the impending creditor payouts. “The impact of Mt. Gox transfers appears to be overstated relative to the actual impact on the market,” said Jung of Presto Research.

“Traders and funds are becoming increasingly bullish on BTC as the German government completes its sales of their large holdings while Mt Gox distributes funds to creditors, leading to less expected sell pressure in the long term,” said Nick Ruck, head of growth at BitU Protocol.

Anticipation for ether ETFs

Crypto investors are also keeping an eye on ether's price movements as sources confirmed with The Block earlier this week that spot Ethereum exchange-traded funds will likely begin trading on July 23.

“The imminent trading of ETH ETFs by large asset managers in the U.S. and on the American stock exchange, and of course the assumption that more ETFs with more crypto-linked products are to come, are supportive,” d'Anethan added.

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