Summary:
Bitcoin fell to $61,400 after Germany transferred 750 BTC, potentially signaling a sell-off.
The German government sent 250 BTC to exchanges Bitstamp and Kraken, adding to bearish pressure.
Ether followed Bitcoin's decline, dropping to $3,375, while the CD20 Index also retreated.
Altcoins have experienced a significant liquidity drain, with notional open interest falling 34% since Bitcoin's peak.
Cardano successfully repelled a DDoS attack, demonstrating its network resilience.
Meme coin Doraemon (DORAE) crashed to less than $200,000 after a large sale of 2.5 million DORAE.
Bitcoin retreated to $61,400 after a brief surge above $62,000, fueled by the German government's transfer of 750 BTC, worth over $46 million. Lookonchain tracked the transaction, showing that 250 BTC were sent to crypto exchanges Bitstamp and Kraken, suggesting potential selling pressure. This move, part of a divestment of BTC seized from a privacy website, added to bearish sentiment in the market. The government holds over 45,000 BTC.
Ether followed Bitcoin's lead, dropping from $3,425 to $3,375. The CoinDesk 20 Index (CD20) also retreated, losing about 0.14%.
Altcoins have experienced a significant liquidity drain, with notional open interest in altcoin futures dropping 34% to $12 billion since Bitcoin peaked above $70,000 on June 7. This contrasts with a 13% drop in bitcoin and ether futures open interest to $29.3 billion. Jeff Dorman, Chief Investment Officer at Arca, attributes this underperformance to limited bid-side liquidity, a falling knife effect, and increased coin issuance.
Cardano successfully repelled a DDoS attack aimed at stealing staked tokens, highlighting its network resilience. The attack was thwarted without any disruptions to operations. Philip Disarro, founder of Cardano development firm Anastasia, credited the successful defense to the deregistration of stake credentials used by the attacker.
The meme coin Doraemon (DORAE) experienced a boom-bust pattern, rising to over $2 million in market value before crashing to less than $200,000 in 30 minutes. Lookonchain identified a sale of 2.5 million DORAE for 10,538 SOL as the cause of the price crash.
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