Altcoins
Germany Moves 750 Bitcoins (BTC), Altcoins Bleed Cash
Bitcoin, after a brief rise above $62,000 in early Asian trading, retreated to $61,400. The price fell amid significant on-chain activity in the German government’s BTC holdings. According to blockchain detective Lookonchain, the euro zone’s largest economy transferred 750 BTC, valued at over $46 million, sending 250 BTC to crypto exchanges Bitstamp and Kraken, an indication that the country could be preparing to sell the tokens. The action, part of a divestment of BTC seized on a privacy website, added to downward pressures in the market. The government holds over 45,000 BTC. Ether followed Bitcoin’s lead, falling from $3,425 to $3,375 and the CoinDesk 20 Index (CD20) also fell, losing around 0.14%.
Alternative cryptocurrencies have recently experienced a larger liquidity flight than bitcoin and ether. For example, notional open interest – or dollar value locked in active futures contracts – linked to altcoins has declined 34% to $12 billion since BTC peaked above $70,000 on 7 June. according to Coinalyze data source. This compares to a 13% decline in cumulative open interest across Bitcoin and Ether futures, to $29.3 billion. “This one-way flow quickly turns into a downward reflex and exacerbates underperformance relative to the majors. Supply-side liquidity is less incentivized and traders are reluctant to catch a falling knife. Add fewer market makers and a huge increase in coin issuance and you “I have a very sloppy altcoin market,” Jeff Dorman, chief investment officer at Arca, wrote in the weekly note.
The Cardano blockchain has demonstrated its resilience in repel successfully a distributed denial of service (DDoS) attack aimed at stealing tokens staked on Tuesday. The attack was thwarted without any disruption to network operations. In a DDoS attack, a large number of compromised computers, called “bots” or “zombies,” flood a target with excessive traffic, making it overloaded and inaccessible. Philip Disarro, founder of Cardano development company Anastasia, said the attack could be stopped by deregistering the staking credentials used by the attacker. The attack was stopped shortly after he took office. Cardano’s ADA token remained stable previously falling slightly at less than 39 cents, in line with general market sentiment.