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The German government has transferred another transfer of 700 Bitcoin (BTC), valued at approximately $40 million, to an undisclosed wallet.&nbsp; 
However, this transaction seems to be part of a series of Bitcoin transfers by the government, including a transaction of 1,500 BTC (approximately $94 million) on July 1st and 282 BTC (approximately $18 million) on July 2nd to various cryptocurrency exchanges including Kraken, Bitstamp, and Coinbase. 
According to on-chain data provider <a href="https://platform.arkhamintelligence.com/explorer/entity/germany" target="_blank" rel="noopener">Arkham Intelligence</a>, the German government currently holds Bitcoin worth over $2.3 billion.&nbsp; 
These large-scale transfers, combined with other market factors such as the announced repayment to Mt. Gox creditors, have contributed to a temporary downturn in the cryptocurrency market.&nbsp; 
Last week, German lawmaker Joana Cotar commented on these transactions, proposing that the government should consider using its <a href="https://www.cryptotimes.io/2024/07/05/joana-cotar-urges-german-government-to-halt-bitcoin-sales/">Bitcoin holdings to diversify the national treasury</a>. 
But, despite initial market reactions, the cryptocurrency sector has shown signs of recovery with Bitcoin’s price has rebounded to $58,212 according to CoinMarketCap, representing a 2.57% increase in the last 24 hours.&nbsp; 
The overall cryptocurrency market capitalization has also grown by 3%, supported by positive U.S. economic data and speculation about potential interest rate adjustments. 
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 <img decoding="async" src="https://lh7-us.googleusercontent.com/docsz/AD_4nXdifqESCkJZ75p6duETSMR3fm_-Q2N16i76WanVayWHSpqlpUB8KIIiXqItwp78hdSPswrK8HNOKK1ux3m56s9N0KwdCBnoMjse4M1yrbdwNcA4rGvSY0YFwUAY4mznFR92JJ25EJ7mIvmlPIkogIX1nUs?key=Dmku0cvNWEZkYqG4xZgBdA" alt="AD 4nXdifqESCkJZ75p6duETSMR3fm">
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 Bitcoin Current Price Chart| Source: <a href="https://coinmarketcap.com/currencies/bitcoin/" target="_blank" rel="noopener">CoinMarketCap</a>
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<blockquote class="wp-block-quote is-layout-flow wp-block-quote-is-layout-flow"> 
 Also Read: <a href="https://www.cryptotimes.io/2024/07/05/brace-for-mt-gox-creditors-99-bitcoin-sell-off-analyst/">Brace for Mt. Gox Creditors 99% Bitcoin Sell-off: Analyst</a> 
</blockquote>

German Govt. Transfers Another $40m Worth of BTC Amid Market Recovery

The Crypto Times

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