🗣Four Countries May Crash Bitcoin Price in September
According to experts from Kaiko, the governments of the US, China, the UK, and Ukraine might start selling their Bitcoin reserves in September, potentially pushing the price down to $53,000.
The Bitcoin holdings of these countries are estimated at:
• USA: 203,220 BTC
• China: 190,000 BTC
• UK: 61,200 BTC
• Ukraine: 46,350 BTC
Additionally, MtGox creditors could become another source of selling pressure. Analysts Adam Morgan McCarthy and Dessislava Aubert from Kaiko noted that fears of sell orders, combined with low market liquidity, could drive further volatility in Bitcoin’s price.
Bitcoin has already dropped by 8% since early August, despite a net inflow of funds into spot Bitcoin ETFs, while global stock and bond indices have risen by 2%.
Since the beginning of 2024, the crypto industry has lost over $1.2 billion due to hacks and fraud across 154 incidents.
This figure is 15.5% higher than the total for the first eight months of last year, according to experts at Immunefi.
They noted that this increase occurred despite a 95% reduction in damage in August — with a total of $15.1 million compared to $274.7 million in July.
Contrary to the trend observed by Chainalysis, where the focus of attackers was shifting to centralized exchanges, all five incidents in August were related to DeFi.
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