The reasons for the growth of the bitcoin cryptocurrency by 5% per day have become known

Bitcoin has shown a significant increase of 5%, reaching $ 59,300, due to a decrease in market uncertainty. At the time of writing, BTC $65,758.84 Bitcoin -0.43% Market capitalization $1.3 trillion VOL. 24 hours $0.57 billion is trading at $ 59,000, according to CoinGecko.

In recent days, the cryptocurrency market has seen increased activity, particularly after the US Independence Day celebrations on July 4. The rise in the value of bitcoin has occurred amidst an easing of fears related to the large-scale sale of cryptocurrency by the German government and the potential impact of the sale of bitcoins from Mt. Gox.

According to Arkham Intelligence, the German government has already transferred approximately two-thirds of its confiscated bitcoins, leaving about $ 1.6 billion in assets. Although this does not necessarily mean an immediate sale of the assets, this step indicates a possible intention to liquidate them.

At the same time, U.S. cryptocurrency funds have stepped up their purchases of bitcoin, which has led to an increase in trading volumes. In particular, US bitcoin exchange-traded funds (ETFs) have bought $ 438 million worth of assets in recent days, reaching a total asset value of $ 49.3 billion. On July 5 and 8, bitcoin trading volumes in the United States amounted to $ 2.18 billion and $ 1.98 billion, respectively, the highest levels since June 25.

Experts believe that fears of significant bitcoin sales from Germany were exaggerated. According to Ryan McMillin, chief investment officer at Merkle Tree Capital, the worst sales are over, and the market will be able to cope with further changes.