Bitcoin Market Continues to Show Weakness While Range Trading

The cryptocurrency market is still choppy. Prices are weak and people are trading in the same place. There was a big outflow of Bitcoin this week, but it was not as bad as many other times.

Bitcoin Market Continues to Show Weakness While Range Trading

A total of 39,040 BTC were withdrawn from one company. Most of these coins were taken from Kraken (29,700 BTC), but it could have been a transfer within the company. It is also possible that they just wanted to sell their coins at a cheaper price. Another company increased its holdings by 100 BTC this week.

Until May, the ETF’s holdings increased a lot. But it has slowed down its pace since then. The Ether ETF has increased its holdings by a total of 574 ETH this week, with a total holding of 54,520 ETH. Cathie Wood’s APK Ark Fund also bought 18,746 shares of Grayscale Bitcoin Trust (GBTC) and 13,718 shares of Coinbase (COIN) this week. ARKW now holds 7,441,692 shares of GBTC and 799,779 shares of Coinbase. Together they account for 4% and 3%.

APKK is holding 3,134,630 shares of Coinbase and that makes up 3.44% of the company. Bitcoin’s price still went down to about $32,275 even though people were buying it and there was good news in the market this week. Former US President Donald Trump came out and said that bitcoin is a competitor to USD, but MicroStrategy shared its plan to buy another $400 million worth of BTC this week.

On the weekend, the president of El Salvador announced that Bitcoin would be legal tender in his country. Paraguayan Congressman Carlitos Rejala also added laser-eyes to his Twitter profile. He said,

“As I was saying a long time ago, our country needs to advance hand in hand with the next generation. The moment has come, our moment. This week, we will start an important project to innovate Paraguay in front of the world!”

Fabio Ostermann is a leader of a party in Brazil. That party is called the New Party, and it is libertarian. In Brazil, he joined with Francisco Sánchez and Gabriel Silva from Argentina and Panama respectively to form their own group against authoritarianism.

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