Germany\'s $2.2B Bitcoin (BTC) Holdings Are Contributing to Market Uncertainty, Arkham Intelligence Data Shows
- PHPzOriginal
- 2024-07-15 14:27:11689browse
Both the sales of Bitcoin (BTC) in Germany and the reimbursements made by Mt. Gox have recently caused the cryptocurrency market to be shook up
According to data from Arkham Intelligence, Germany's holdings of $2.2 billion in Bitcoin are adding to the volatility in the market.
Both the sale of Bitcoin in Germany by Mt. Gox reimbursements and its subsequent sell-offs have left the crypto market in a state of flux — and the drama may not be over yet.
The largest economy in the Eurozone still holds 39,826 Bitcoins, collectively valued at $2.2 billion, according to data being tracked by Arkham Intelligence. The stash of coins pending sale — as a possible source of selling pressure — accounts for about 9% of Bitcoin's 24-hour trading volume of $25.3 billion, indicating the potential for continued price volatility.
Earlier this year, the German Federal Criminal Police Office (BKA) seized 49,857 BTC from the owners of the now-defunct piracy website Movie2k.to, CoinDesk reported. The government has sold off more than 10,000 Bitcoins since mid-June, putting downward pressure on the cryptocurrency's spot market price.
Over the past four weeks, the spot price of Bitcoin has fallen by about 20%, to $55,490. Prices are down nearly 13% in the past seven days alone, according to CoinDesk data. The CoinDesk 20 Index (CD20), a broader market gauge, has lost about 14% over one week, now trading at 1,870 points.
A week ago, Tron founder Justin Sun offered to buy Bitcoin from the German government off-market in an attempt to reduce the negative impact on the spot price.
Several experts see the sale of Bitcoin in Germany as a strategic mistake that puts the country at a disadvantage in terms of geopolitical power.
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