The price of bitcoin-price-crashed-58000/” rel=”nofollow”>bitcoin has crashed Again, as the German government continues its btc selling spree. The government has already sold millions of dollars worth of bitcoin, putting immense pressure on the pioneering cryptocurrency amid broader market volatility.
German government starts massive btc sell-off
The constant fall of the bitcoin price has been driven by multiple factors including bitcoin spot ETF outflows, unfavorable market conditions and Mt Gox btc Redistribution PlansLately, the price of the cryptocurrency has been further pressured by the btc–bitcoin-price-analysis/” rel=”nofollow”>Substantial btc sales executed by the German government.
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For weeks now, Germany has bitcoin-stash/” rel=”nofollow”>Sold thousands of bitcoin worth hundreds of millions of dollars. On June 25, blockchain analytics platform Arkham Intelligence x.com/arkhamintel/status/1805542881454633282?s=46″ rel=”nofollow”>reported that the government sold 900 btc worth approximately $52 million. They moved 400 btc to Coinbase and Kraken and transferred the rest to an unidentified address.
In addition, last week the German government x.com/arkhamintel/status/1808796101975175473?s=46″ rel=”nofollow”>executed Another major bitcoin sell-off, where a whopping 3,000 btc worth approximately $172 million was transferred to exchanges. The government transferred 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 German police sold an additional 2,738.7 btc worth approximately $155.3 million. Arkham Intelligence revealed that bitcoin is likely to… bitcoin-holdings/” target=”_blank” rel=”nofollow”>sold to cryptocurrency exchanges or market makers including Kraken, Cumberland, 139Po and the bc1qu address.
At the time of writing, the German government still holds a staggering amount of bitcoin. Arkham data has revealed that the government's holdings amount to 26,053 btc valued at approximately $1.49 billion.
In spite of the The recent fall of btcThe German government continues to sell off its btc holdings at a rapid pace. Joanna Cotar, a member of the German Bundestag, the national parliament of the Federal Republic of Germany, has expressed her dissatisfaction with the government's decision to sell off btc. bitcoin-isnt-a-big-deal/” rel=”nofollow”>sell your btc holdings.
Appointment bitcoin-sale/” rel=”nofollow”>revealed that the government should hold btc strategically and not sell them. He revealed that their recent massive btc sales were counterproductive and not sensible, and urged the government to use their btc as a strategic reserve currency.
bitcoin Price Update After Fall
During last week, bitcoin price fell by a substantial 8.71% after falling 17.10% in the last month. This drop has been attributed to bitcoin/” rel=”nofollow”>Incessant sales pressures and the recent bearish trends in the cryptocurrency market.
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Since the beginning of June, bitcoin price movements have been bitcoin-price-tragic-june/” rel=”nofollow”>showing weakness and poor performance Significantly, despite capital inflows into bitcoin spot ETFs, bitcoin remained volatile below the $60,000 price mark, showing minor upward momentum.
Including the crypto-market-with-1500-btc-move/” rel=”nofollow”>Massive btc sales by the German governmentCryptocurrency analyst Ali Martinez also revealed in a x.com/ali_charts/status/1809101149586285000?s=46″ rel=”nofollow”>Publication x that bitcoin whales have sold over 30,000 btc worth approximately $1.8 billion in the past month. This massive 30,000 btc sale exceeds the bitcoin-stash/” rel=”nofollow”>Current bitcoin holdings of the German government has contributed significantly to bitcoin's drop to its current price of $57,039, according to CoinMarketCap.
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