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Bitcoin Drives Crypto Market Recovery
Discover how the surge in Bitcoin’s value is leading the recovery of the cryptocurrency market, bringing optimism and excitement to investors and enthusiasts alike.
Bitcoin (BTC) spearheaded a resurgence in the cryptocurrency market early Tuesday by surging over 3.5% to trade just above $57,300 in Asian markets. The positive momentum also uplifted major tokens such as Solana’s SOL, surging by as much as 6%, while Ether (ETH) reclaimed the $3,000 mark and dogecoin (DOGE) saw a nearly 7% increase.
Market sentiment received a boost as a German government entity, the Federal Criminal Police Office (BKA), retrieved over $200 million worth of BTC from various exchanges in late U.S. hours. This action followed a concerning drop in BTC price to $55,000 after the BKA’s address sent over $900 million to multiple addresses. Notably, the assets sent to exchanges like Kraken, Coinbase, and Bitstamp did not enter the market, as confirmed by Arkham data.
In 2013, the BKA seized almost 50,000 BTC, valued at over $2 billion at that time, from the operators of Movie2k.to, a film piracy website. Recently, in mid-January, the BKA received the asset back from the suspects through a ‘voluntary transfer’ after it had been held for years.