Altcoins
Germany moves 750 BTC, altcoins lose liquidity
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Bitcoin, after a brief surge above $62,000 at the start of the Asian session, fell back to $61,400. The price dropped due to significant on-chain activity in the German government’s BTC holdings. Lookonchain blockchain detectiveThe eurozone’s largest economy transferred 750 BTC, valued at over $46 million, by sending 250 BTC to crypto exchanges Bitstamp and Kraken, indicating that the country may be preparing to sell the tokens. The move, part of a BTC divestment seized on a privacy website, added to bearish pressure on 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 declined, losing about 0.14%.
Alternative cryptocurrencies have recently seen a greater outflow of liquidity 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 June 7. according to data source Coinalyze. 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, the founder of Cardano development company Anastasia, said the attack could be stopped by removing the stake credentials used by the attacker. The attack was stopped shortly after it was published. Cardano’s ADA token has remained stable since slightly down at less than 39 cents, in line with general market sentiment.
Map of the day
Doraemon price drop. (Dexscreener)
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The chart shows that the Doraemon meme coin (DORAE) trended up and down early Wednesday, reaching a market value of over $2 million only to crash to less than $200,000 within 30 minutes.
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Lookonchain said someone sold 2.5 million DORAE for 10,538 SOL, causing the price to drop.
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Source: Dexscreener
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