Euro 2024 restarts and Bitcoin price pressure resumes, Kaspa rises to ATH thanks to Marathon Digital attention

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Last Updated on 30 June 2024 by CryptoTips.eu

There is a famous scene in the Tom Hanks and Leonardo DiCaprio film ‘Catch me if you can’ which explains why the Yankees, a baseball team originally from New York, won so often in the 1940s and 1950s. It’s not because they were very good, but because the visiting team was distracted by the beautiful stadium and their nice uniforms. That’s also how it seems to be for the German government and their Bitcoins.

Kaspa’s rise was notable in the broader altcoin market this week. As it turned out, there was a very logical reason for this

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Moving to wallets

Now that the Euro 2024 matches have restarted, and the attention of the general public is back on football, the government of Olav Schultz has suddenly moved millions of Bitcoins to wallets anew. This in order to sell them one of the following days and exchange them for fiat.

This brings in additional revenue for Scholz’s government, but at the same time puts increasing pressure on the Bitcoin price, which has found it difficult to defend the $60,000 level in the last week.

Germany started selling much of their 3 billion dollar worth of Bitcoins last week but took a small break in recent days. This weekend they seem to restart selling.

In January this year, German authorities confiscated some 50,000 Bitcoins from the illegal movie site Movie2k. After taking a break in recent days (just as Euro 2024 took a pause as well), several crypto research teams reported again yesterday that the Germans are moving Bitcoin to the Coinbase and Kraken platforms. Sending large amounts of Bitcoin to platforms is usually for the purpose of selling it.

The planned Mt Gox repayments for a total amount of around 9 billion dollars in Bitcoin also continues to put pressure on the price.

Mara

The major American Bitcoin mining company Marathon Digital (known as Mara) announced this week that they wanted to diversify their crypto activities. As they expect that various digital coins will be popular in the future, from now on they will not only focus on Bitcoin, but will also mine other proof of work coins.

The first coin they will mine alongside Bitcoin is Kaspa, which rose by about 20% this week on to the news. The Kaspa ATH of $0,19 is getting very close.

Jeroen Kok

Jeroen is one of the lead copywriters on Cryptotips.eu and discusses all recent events in the crypto market. This includes news updates, but also price analyzes and more. He developed his passion for cryptocurrency during the bull run in 2017. He has learned a lot since then. The combination of cryptocurrency and creative writing is perfect for Jeroen and an excellent way to share his knowledge with a wide audience. Find me on LinkedIn / [email protected]
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