German Government\'s Transfer of 700 Bitcoin (BTC) Worth $40 Million Triggers Market Fluctuations and Discussions on Potential Price Rebounds

A wallet in Germany now possesses 700 Bitcoin (BTC) with a value of over $40 million.

A wallet in Germany now holds 700 Bitcoin (BTC), valued at over $40 million, continuing a sequence of large-scale BTC transfers over the past 24 hours.

The German government transferred 700 BTC, according to on-chain data from Arkham Intelligence. The government’s Bitcoin holdings are now worth over $2.3 billion, with recent sales netting the state over $400 million, the firm added.

This move sparked a fresh wave of bearish sentiment on social media channels, as some crypto users speculated whether the market sell-off might resume. However, others on Twitter suggested that the market rebound might still trump the development.

More than 3,000 Bitcoin have been sent by the German government to various cryptocurrency exchanges and anonymous wallets this year. As the market began to decline on July 4, 1,300 BTC, valued at almost $76 million, were transferred to exchanges.

In the aftermath of this initial transaction, Bitstamp received 500 Bitcoin, valued at approximately $29 million, and Coinbase and Kraken each received 400 Bitcoin.

These trades, coupled with news of repayments to Mt. Gox creditors, saw assets plummet to levels not seen in months. Ethereum’s price dropped below $3,000 for the first time in 50 days, while Bitcoin’s price fell to below $55,000.

Senator Joana Cotar, meanwhile, has called on the government to halt the sales and consider alternative solutions. Cotar suggested that the government diversify its treasury by using the assets to back a digital euro or a sovereign stablecoin.

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