tl;dr
The recent Bitcoin transfers from the defunct crypto exchange Mt. Gox have raised concerns about potential selling pressure on Bitcoin. However, Cryptoquant's founder, Ki Young Ju, explained that these transactions may not affect the market due to possible internal transfers, over-the-counter deals,...
The recent Bitcoin transfers from the defunct crypto exchange Mt. Gox have sparked concerns about potential selling pressure on Bitcoin. However, Cryptoquant's founder, Ki Young Ju, explained that these transactions may not affect the market due to possible internal transfers, over-the-counter deals, and the use of brokerage services. Despite the transfer of 1,500 BTC to Bitbank, there was no significant surge in trading volume, indicating minimal market impact.
Meanwhile, the German government's ongoing offloading of Bitcoin holdings is also a point of concern, despite Ki Young Ju's analysis. As of now, Bitcoin is trading at around $57,500, up over 3% in the last 24 hours.
In an X (formerly Twitter) post, Ki Young Ju outlined three possible scenarios for Mt. Gox’s Bitcoin transactions, explaining why they may not affect its price. He suggested that these transactions might have been internal transfers for security reasons, over-the-counter deals designed not to affect market price, or conducted through a brokerage service without passing through brokers’ wallets or exchanges.
Despite these reassurances, the German government's ongoing offloading of Bitcoin holdings raises concerns, as recent on-chain data revealed transfers to various crypto exchanges. At the time of writing, Bitcoin is trading at around $57,500, up over 3% in the last 24 hours, according to data from CoinMarketCap.
It's clear that while Ki Young Ju's analysis suggests Mt. Gox’s transactions may not impact the market, the activities of the German government in offloading Bitcoin holdings warrant close attention, especially considering their substantial remaining holdings.
More about Emeren Group Ltd
Emeren Group Ltd, ReneSola Ltd, develops, builds, operates and sells solar energy projects. The company is headquartered in Stamford, Connecticut.
Industry: MANUFACTURING
Sector: SEMICONDUCTORS & RELATED DEVICES
Employees: 87641000
Market Cap: None
Dividend Yield: None
EPS: -0.16
P/E Ratio: 1.918
ROE: -0.127
Volume: 106582000
50-Day Moving Average: 4.88
200-Day Moving Average: 3.42
RSI: 0.148
More about United States Steel Corporation
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United States Steel Corporation produces and sells tubular and flat rolled steel products primarily in North America and Europe. The company is headquartered in Pittsburgh, Pennsylvania.
Industry: MANUFACTURING, STEEL WORKS, BLAST FURNACES & ROLLING MILLS (COKE OVENS)
Stock Symbol: 8721931000
Current Price: 11.21
Price Change: 0.2
Change Percentage: 3.46%
Market Cap: 79.23 billion
Earnings per Share (EPS): 0.0489
Revenue: 17.743 billion
Price to Earnings (P/E) Ratio: 38.25
Dividend Yield: -0.129%
Dividend per Share: -0.069
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