Bitcoin\'s Price Plunged to $53,000 After the German Government Sold Nearly 4,900 BTC, Igniting Widespread Panic in the Crypto Market

Crypto exchanges Coinbase, Bitstamp, Kraken, and crypto market makers Cumberland DRW and Flow Traders receive Bitcoin from the German government.

Bitcoin Price Drops to $53,000 as German Government Sells Nearly 4,900 BTC

Bitcoin's price took a hit on Monday, falling to $53,000 after the German government sold nearly 4,900 BTC, sparking panic in the crypto market.

According to data from Arkham, a crypto on-chain data platform, the German government made 133.723 BTC transfers on July 8 to Cumberland DRW, a crypto market maker, totaling around $7.63 million. Two transactions were made by the German government to Cumberland. The first one was 0.001, which was likely just a test transfer ahead of the large upcoming transfers.

Coinbase, Bitstamp, Kraken, and crypto market makers Cumberland DRW and Flow Traders received Bitcoin from the German government, as reported by Coingape. This brought today’s total BTC dumps to over 4,837 BTC. One reason for Bitcoin’s price drop to $53,000—and more drops will keep the crypto market in panic mode—was selling by the German government.

These dumps by the wallet address triggered a panic selloff among traders, creating a bearish sentiment. The government still has 35,488 BTC in its possession, which is valued at $2.03 billion. We can expect more selloffs to Cumberland DRW in the coming days, as the recent transaction is part of thatの流れ.

The German government has now moved 6.37K BTC, which is valued at around $494.45 million (out of $2.81 to $2.32 billion), since July 1.

After hitting a 24-hour low of 54,321 BTC, the price increased by 5%. However, as the German government proceeded to send Bitcoin to crypto market makers and exchanges, the price decreased. Bitcoin's price reached an intraday high of 58,178 and is currently trading at $56,972.

Traders seem to be showing more interest in the market as the trading volume increased by 58% over the last day. The $58Kk-$60k zone will be defended by the sellers, so traders should keep an eye on it.

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