Gate.io Blog Daily News | German Government Transfers $172M of BTC, Causing BTC to Fall Below $57K; Hamster Kombat Plans to Issue Tokens on TON Blockchain

Daily News | German Government Transfers $172M of BTC, Causing BTC to Fall Below $57K; Hamster Kombat Plans to Issue Tokens on TON Blockchain

05 July 12:37

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## Crypto Daily Digest: The German government will transfer $172 million in Bitcoin to multiple locations; Hamster Kombat plans to issue tokens on the TON blockchain; Blast jumps to the seventh largest network after a large-scale airdrop
On Thursday, July 4, the US market was closed due to Independence Day.

**The German government will transfer $172 million in <a href="/id/price/bitcoin-btc" target="_blank" class="blog_inner_link">Bitcoin</a> to multiple locations**

The German government has recently carried out a large-scale Bitcoin transfer, which may significantly impact the market. They transferred over 3,000 bitcoins (worth approximately $172 million) to different addresses, and according to data from on-chain analysis platform Arkham Intelligence, the initial 1,300 bitcoins were transferred to centralized crypto exchanges, while the remaining 1,700 bitcoins were transferred to a separate wallet.

Since February 2024, this wallet has been marked as related to the German government, which has been holding 50,000 bitcoins and has gradually transferred most of its funds in the past few months. Combined with the upcoming Mt. Gox compensation payments, these large-scale transfers by the German and US governments may generate greater selling pressure than the Bitcoin market.

**Telegram CEO: Hamster Kombat plans to issue tokens on TON blockchain**

Telegram CEO Patel Du Rove announced on his personal channel that Hamster Kombat plans to issue its tokens on the TON blockchain, aiming to bring blockchain's advantages to hundreds of millions of users.

Hamster Kombat has become the latest Internet phenomenal excellence, with 239 million people registered in just three months. This Telegram mini application has reached 100 million monthly active users within 73 days, with daily new users ranging from 4 million to 5 million, making it one of the fastest-growing digital services in the world.

Recently, the Telegram and TON ecosystems have received much attention. According to Coingecko's data, TON's market value has exceeded $19.1 billion, surpassing <a href="/id/price/dogecoin-doge" target="_blank" class="blog_inner_link">Dogecoin</a> and ranking ninth in market value.

**Blast jumps to the seventh largest network after a large-scale airdrop**

Starting from November 2023, after a controversial "early visit period," Blast officially launched its mainnet in February. Since the mainnet was launched, Blast's various indicators have been on the rise. Based on total value locked (TVL), Blast has become the seventh most extensive network with assets approaching $1.5 billion.

The launch of Blast has attracted many big-name supporters and developers, among which the most important is that it provides native revenue on stablecoins and <a href="/id/price/ethereum-eth" target="_blank" class="blog_inner_link">Ethereum</a>. This kind of revenue makes Blast stand out in the market, with a surge in on-chain indicators after the airdrop was released. Blast has issued 17 billion tokens, demonstrating strong development momentum, and this trend is likely to continue.

In the first stage of airdrops, Blast has allocated 100 billion (50% of the total supply) to the community and stated that there will be more airdrops in the next three years. Since the airdrop claim was launched on June 26, there has not been a significant increase in active addresses and trading volume. Its market value reached $493 million on the day of its release. However, BLAST tokens also experienced a typical airdrop selling phenomenon, with a decline in market value.

As of mid-June, Blast led OP Mainnet in terms of transaction volume and 7-day moving average of active addresses. Although still far behind Arbitrum One and Base, both indicators have been steadily increasing since the mainnet was launched.

## Market Trends
The current market sentiment is extremely low, with major cryptocurrencies BTC and ETH experiencing significant declines. The following is a specific analysis of market trends and influencing factors:

BTC fell below $57,000, with a significant decrease in volatility. The large amount of transfers from the Mt.Gox exchange, continuous selling by the German government, and outflows of BTC spot ETFs have intensified market sentiment and increased investor risk aversion.

ETH fell below $3,100, also affected by the overall market downturn.

Altcoins have generally experienced a significant decline, and there are hardly any currencies in the market that have risen.
### Macroeconomics
The US stock and bond markets are closed for one day due to Independence Day. The lack of major trading activities in the market may lead to increased volatility in the crypto market.

US dollar index: The US dollar index fell to the 105 level and closed at 105.13, reaching a new low since mid-June. The weakening of the US dollar is usually beneficial for cryptocurrencies, but the current market sentiment is extremely low and has not been able to boost crypto prices.
### Market Hotspots:
Public Chain Ton: The price of TON has followed the overall market down by more than 10%. Telegram CEO announced that Hamster Kombat will issue tokens on the Ton blockchain. Within three months, Hamster Kombat has registered 239 million people and adds 4-5 million new users every day.

Politifi concept: MAGA and PEOPLE fell more than 30% today. Since the US presidential campaign debate on June 27, the Polifii concept token has generally declined. This may be due to increased political uncertainty and increased investor risk aversion.

The current market is in an extremely sluggish state, with major cryptocurrencies and Altcoins experiencing significant declines. Changes in the macroeconomic environment, market closures in the US stock and bond markets, as well as hot market events such as large outflows on the Mt.Gox exchange and continued selling by the German government, have all had a negative impact on market sentiment. Market sentiment and trends are often cyclical, and maintaining a calm and rational investment strategy can help achieve better investment returns in volatile markets.

## Macro: The US market is closed; Asian stock markets hit a new high; After the overwhelming victory of the Labour Party, the trend of the pound remained calm
On July 4, the US market was closed for the Independence Day holiday, and public attention shifted to the presidential debate. During the discussion, Biden's age and mental agility drew attention. A survey by The Wall Street Journal showed that Trump defeated Biden by 48% to 42%, increasing his lead by one percentage point; A New York Times poll showed that Trump's lead expanded to 49%, an increase of three percentage points, compared to 43%.

Despite facing pressure to withdraw from the campaign, Biden reiterated his determination to continue running for the 2024 presidential election in a phone call with campaign staff on Wednesday, as well as in meetings with Democratic lawmakers and governors, in an attempt to overcome the negative impact of last week's poor debate performance.

On Friday, US employment data became the focus of the economic calendar. Recruitment is expected to slow down and the unemployment rate will slightly increase, leaving room for interest rate cuts in the United States. A series of lackluster data, including the US ISM Service Industry Activity Index, which fell to its lowest level since mid-2020 earlier this week, raised the possibility of a rate cut in September to 73% in the market, and is expected to cut rates by 47 basis points this year.

**Asian stock markets hit a new high; After the overwhelming victory of the Labour Party, the trend of the pound remained calm**

On July 5, Asian stock markets hit a new high at the opening as investors assessed the possibility of a US interest rate cut in September and remained optimistic. Meanwhile, the euro reached a three-week high before the French general election.

The pound strengthened to $1.2767 as the UK Labour Party is expected to achieve an overwhelming victory in the election, ending the Conservative Party's 14-year term in power. In other aspects, the US dollar weakened slightly, and the yield of US treasury bond bonds in Tokyo rose slightly, as trading resumed after the Independence Day holiday.

The Nikkei Index and the Tokyo Composite Index rose to record levels, and Taiwan's benchmark index rose accordingly. The MSCI Asia Pacific stock index rose 0.2%, reaching its highest level in two years; Samsung expects its profits to increase more than 15 times in the second quarter, helping South Korea's KOSPI index reach a two-year peak.

The Japanese government released data on Friday showing that household spending unexpectedly decreased in May. The weak yen suppressed consumer purchasing power, further complicating the interest rate outlook. The Japanese yen rose slightly to 160.9 against the US dollar. On Friday, FTSE index futures opened up 0.3%.

In the commodity market, the weakening of the US dollar has driven gold prices to their largest weekly increase in a month, rising 1.4% to $2,357 per ounce. Oil prices have reached their highest since April, with Brent crude oil futures prices remaining above $87 per barrel. Previously, the decline in US crude oil inventories exceeded expectations, indicating strong demand for oil prices as the US summer driving season approaches.

<div class="blog-details-info">
<div>Author:**Sherry S. & Icing**, Gate.io Researcher
<div>Translator:Joy Z.
<div class="info-tips">\*This article represents only the views of the researcher and does not constitute any investment suggestions.
<div>\*Gate.io reserves all rights to this article. Reposting of the article will be permitted provided Gate.io is referenced. In all cases, legal action will be taken due to copyright infringement.
</div>

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Daily News | German Government Transfers $172M of BTC, Causing BTC to Fall Below $57K; Hamster Kombat Plans to Issue Tokens on TON Blockchain

Daily News | German Government Transfers $172M of BTC, Causing BTC to Fall Below $57K; Hamster Kombat Plans to Issue Tokens on TON Blockchain

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