Bitcoin Price Plummets as German Government Sells Millions in BTC
As a crypto enthusiast, you must be aware of the recent crash in the price of Bitcoin, which has been exacerbated by the German government’s massive sell-off of BTC. This selling spree has seen millions of dollars’ worth of Bitcoin unloaded onto the market, causing significant downward pressure on the pioneer cryptocurrency amidst broader market volatility. Let’s delve into the details of this unprecedented move by the German government and its impact on Bitcoin’s price.
German Government’s Massive BTC Sell-Off
Here are the key points regarding the German government’s substantial sell-off of Bitcoin:
- Germany has been selling thousands of Bitcoin worth hundreds of millions of dollars in recent weeks.
- The government sold 900 BTC valued at about $52 million, transferring some to Coinbase and Kraken.
- In another major sell-off, Germany moved 3,000 BTC worth approximately $172 million to exchanges.
- 1,300 BTC were transferred to Kraken, Bitstamp, and Coinbase, with the rest sold to an unknown wallet.
- On June 8, the German police sold an additional 2,738.7 BTC worth approximately $155.3 million.
- The Bitcoin was likely sold to crypto exchanges or market makers, including Kraken, Cumberland, 139Po, and address bc1qu.
- The German government still holds 26,053 BTC valued at approximately $1.49 billion as of now.
- Bitcoin’s price fell by 8.71% over the past week and 17.10% in the past month.
- The decline has been attributed to selling pressures and bearish trends in the crypto market.
- Bitcoin’s price has been displaying weakness and underperformance since the beginning of June.
- Crypto analyst, Ali Martinez, revealed that Bitcoin whales have sold over 30,000 BTC worth approximately $1.8 billion in the past month.
- This significant sell-off has contributed to Bitcoin’s current price of $57,039 according to CoinMarketCap.
Bitcoin Price Update Amidst Crash
Let’s take a look at how Bitcoin’s price has been affected by recent events:
Hot Take: Analyzing the Impact of German Government’s BTC Sell-Off
As a crypto investor, it’s essential to monitor the broader market dynamics that can influence the price of Bitcoin. The German government’s ongoing sell-off of BTC has undoubtedly added to the downward pressure on the cryptocurrency, alongside other contributing factors. It remains to be seen how this sell-off will continue to impact Bitcoin’s price in the coming days and weeks, so stay informed and make well-informed decisions in this volatile market.
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