German Government Bitcoin Sales Impact Markets

In recent weeks, the German government Bitcoin selling has had quite a negative impact on the cryptocurrency market.

Key Points:

Recent German government Bitcoin sales have had a noticeable impact on the cryptocurrency market.

Bitcoin Holdings Now Below $1 Billion

Cryptocurrency analytics firm Arkham has observed another substantial movement of funds linked to the German government BTC wallet, indicating ongoing sales of confiscated Bitcoins.

According to Arkham, 3,000 BTC, currently valued at $176.26 million, were transferred to Flow Traders, a trading company. In total, 8,853.5 BTC, worth $520.17 million at the time, were moved in a single day.

After the transactions, the German government now holds 15,110 BTC, equivalent to $883.7 million.

Several large transactions were also executed by the German authorities the previous day, with 5,000 BTC, valued at $293.77 million, being sent to domestic accounts and 1,500 BTC ($88.31 million) being moved to an unknown address.

The sales began last month, with Bitcoin being sold from a wallet operated by the Bundeskriminalamt (BKA), Germany's Federal Criminal Police Office.

Many analysts are closely monitoring these transactions, speculating on the sales strategy to mitigate the impact of confiscations and integrate digital assets into the economy.

However, the German government Bitcoin sales are not the only factor concerning crypto investors, as the market is also under pressure from the payout of billions of dollars' worth of digital currency from the collapsed Mt. Gox exchange to its creditors.

Last Friday, Nobuaki Kobayashi, the trustee for the Mt. Gox bankruptcy estate, announced the commencement of repayments in Bitcoin and Bitcoin Cash to creditors through various designated crypto exchanges.

The development, along with transfers related to the U.S. government, has led to fears of imminent large-scale sales, affecting over $20 billion worth of cryptocurrency.

As of July 11, 2024, Bitcoin is trading at $57,200, showing a 1.75% decrease in the last 24 hours and over 15% lower than its value 30 days ago.

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