German government moves $56.65m in BTC amid market-wide FUD

As a crypto investor with some experience in the market, I find the recent moves by the German government concerning, especially given the current bearish trend. The selling of 1,000 BTC worth over $56 million is significant and could potentially further impact the already declining market.

The German authorities have announced another significant Bitcoin action as the market remains in a bearish trend.

Based on Arkham Intelligence’s data, the German government transferred 1,000 Bitcoin, equivalent to approximately $56.65 million, at 06:48 UTC today. They distributed 250 coins to Coinbase and Bitstamp digital exchanges respectively.

As a crypto investor, I discovered that approximately 500 BTC from my wallet were sent to the mysterious address “139PoP…H7ybVu.” This recipient could potentially be an OTC (over-the-counter) service, although it’s essential to note that this is only a speculation.

Moreover, the German government still holds 38,826 BTC, worth $2.16 billion.  

On July 6, $40.47 million worth of Bitcoin was transferred from the government to the previously cited Bitcoin address. Subsequently, these funds were divided and sent to two separate Bitcoin wallets. The first wallet held $91.6 million, while the second contained $23.7 million in Bitcoin.

Bitcoin and other cryptocurrencies have experienced notable price declines, with Bitcoin itself dropping by 2.2% over the past 24 hours to a current value of $56,650. The trading volume for Bitcoin has risen substantially by 29%, amounting to $26.6 billion in this timeframe. Despite the selloffs, Bitcoin’s market capitalization remains steady at approximately $1.11 trillion.

Joana Cotar, a German Bundestag member, advocated for halting the country’s Bitcoin sales. She described Bitcoin as a “significant reserve currency” and emphasized its potential to broaden the diversity of Germany’s financial reserves.

Justin Sun, the founder of Tron, expressed his intent to buy Germany’s Bitcoin holdings through over-the-counter (OTC) deals on July 4. He stated that this move could help mitigate any potential market disruptions.

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2024-07-08 11:50