German Government Continues BTC Selling Spree as Bitcoin Price Crashes Again
- WBOYOriginal
- 2024-07-17 07:53:09648browse
The price of Bitcoin has crashed again as the German government continues its BTC selling spree. The government has already sold millions of dollars worth of Bitcoin
Bitcoin’s sustained price decline has been influenced by several key factors. These include outflows from Spot Bitcoin ETFs, unfavorable market conditions, and Mt Gox’s BTC redistribution plans. However, the cryptocurrency’s price has also been facing additional pressure due to the substantial BTC sell-offs being carried out by the German government.
For weeks now, Germany has been selling thousands of Bitcoin, amounting to hundreds of millions of dollars. On June 25, blockchain analytics platform Arkham Intelligence reported that the government sold 900 BTC, valued at around $52 million. They moved 400 BTC to Coinbase and Kraken, while the rest was transferred to an unidentified address.
Furthermore, last week, the German government executed another major Bitcoin sell-off, transferring a whopping 3,000 BTC, roughly valued at $172 million, to exchanges. The government moved 1,300 BTC to Kraken, Bitstamp, and Coinbase, and sold the rest to an unknown wallet address.
The most recent BTC transaction was on Monday, June 8, when the German police sold an additional 2,738.7 BTC, approximately valued at $155.3 million. According to Arkham Intelligence, the Bitcoin was likely sold to crypto exchanges or market makers, including Kraken, Cumberland, 139Po, and address bc1qu.
As of press time, the German government still holds a significant amount of Bitcoin. According to Arkham’s data, the government’s holdings now amount to 26,053 BTC, which is roughly valued at $1.49 billion.
Despite BTC’s recent crash, the German government continues to sell their BTC holdings at a rapid pace. Notably, Joanna Cotar, a member of the German Bundestag, the National parliament of the Federal Republic of Germany, has expressed her discontent with the government's decision to sell off their BTC holdings.
According to Cotar, the government should be strategically holding BTC instead of selling them. She disclosed that their recent BTC sell-offs were counterproductive and not sensible, and urged the government to utilize their BTC as a strategic reserve currency.
Bitcoin Price Update After Crash
Over the past week, Bitcoin’s price fell by a substantial 8.71% after crashing by 17.10% in the past month. This decline has been attributed to unabating selling pressures and recent bearish trends in the crypto market.
Related Reading: XRP Price: Crypto Analyst Identifies ‘Point Of Control’ That Could See A Repeat Of 2017
Since the beginning of June, Bitcoin’s price movements have been displaying weakness and underperforming significantly. Despite inflows into Spot Bitcoin ETFs, Bitcoin had remained volatile under the $60,000 price mark, showing minor upward momentum.
Including the German government’s BTC sell-offs, crypto analyst, Ali Martinez has also revealed in an X post that Bitcoin whales have sold over 30,000 BTC, worth approximately $1.8 billion in the past month. This 30,000 BTC sell-off, which surpasses the German government’s current Bitcoin holdings, has contributed significantly to Bitcoin’s decline to its present price of $57,039, according to CoinMarketCap.
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