GM. Liam here. 

After a bearish start to the month, Bitcoin regained its losses and then some.

It’s trading at nearly $57,300, up more than 5% over the last week.

Here’s what boosted prices and why they could go higher this summer.

German sell-off slows

The German government has sold off $2.3 billion in confiscated Bitcoin, spooking traders.

The upside? They’re almost done.

Of the 50,000 Bitcoin it holds, the government sold over 40,000 on crypto exchanges, including Coinbase.

The exchange’s managing director, Jan Sell, told DL News that the selling “isn’t a particularly anti-crypto move.”

Once the selling and liquidations from Mt. Gox and Gemini creditors conclude, JPMorgan analysts predict a rebound in August.

Inflation cools

The rebound looks even more likely after inflation figures in the US came in lower than expected yesterday.

The news raised expectations for the Federal Reserve to cut rates this year, according to the Chicago Mercantile Exchange. A rate cut would benefit riskier assets like stocks and cryptocurrencies.

Traders are now betting on at least a .25% rate cut at the September Federal Reserve Open Market Committee meeting.

Coinbase Germany head on the real reason the country dumped $2.3bn in Bitcoin

Jan Sell, the managing director of Coinbase Germany, told Inbar Preiss and Tim Craig the amount isn’t huge, relatively speaking and that it's not “anti-crypto.”

Bitcoin traders look to Fed to boost lagging price — here’s what will drive a rally

Consumer prices dropping means the Federal Reserve has more reason to cut interest rates, and that’s bullish for crypto, reports Tom Carreras.

Solana memecoin trader whiffs on $5m BODEN opportunity right before token surges amid Biden letter

Blockchain data reviewed by Aleks Gilbert shows the pitfalls of gambling on an increasingly contentious US presidential election.

Post of the week

The case for cutting rates is clearer than ever, according to Bharat Ramamurti, the former deputy director of the National Economic Council.