2024

Bitcoin

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<p class="is-style-lead">The German government has transferred 700 Bitcoins (<a href="https://crypto.news/bitcoin-price/" rel="noopener noreferrer nofollow">BTC</a>), valued at approximately $40.47 million. This transaction is part of an ongoing trend: the government has consistently sold its Bitcoin holdings since June.</p>
<h2 class="wp-block-heading" id="germany-s-bitcoin-liquidation-continues">Germany’s Bitcoin liquidation continues&nbsp;</h2>
<p>According to blockchain data analytics platform Lookonchain, the German government has transferred a fresh 700 BTC to crypto exchanges.&nbsp;</p>
<p>The country’s latest transaction has attracted mixed reactions across crypto Twitter, with some forecasting that the Bitcoin price could crash to the $40k region soon.&nbsp;</p>
<figure class="wp-block-embed is-type-rich is-provider-twitter wp-block-embed-twitter">
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   <p lang="en" dir="ltr">Since June 19, the <a href="https://twitter.com/hashtag/German?src=hash&amp;ref_src=twsrc%5Etfw" target="_blank" rel="noopener noreferrer nofollow">#German</a> Government, the <a href="https://twitter.com/hashtag/US?src=hash&amp;ref_src=twsrc%5Etfw" target="_blank" rel="noopener noreferrer nofollow">#US</a> Government, and <a href="https://twitter.com/hashtag/MtGox?src=hash&amp;ref_src=twsrc%5Etfw" target="_blank" rel="noopener noreferrer nofollow">#MtGox</a> have transferred a total of 17,788 <a href="https://twitter.com/search?q=%24BTC&amp;src=ctag&amp;ref_src=twsrc%5Etfw" target="_blank" rel="noopener noreferrer nofollow">$BTC</a>($1.08B).<br><br>In particular, the <a href="https://twitter.com/hashtag/German?src=hash&amp;ref_src=twsrc%5Etfw" target="_blank" rel="noopener noreferrer nofollow">#German</a> Government has transferred <a href="https://twitter.com/search?q=%24BTC&amp;src=ctag&amp;ref_src=twsrc%5Etfw" target="_blank" rel="noopener noreferrer nofollow">$BTC</a> every day since July 1.<br><br>They hold 396,210 <a href="https://twitter.com/search?q=%24BTC&amp;src=ctag&amp;ref_src=twsrc%5Etfw" target="_blank" rel="noopener noreferrer nofollow">$BTC</a>($22.78B) currently.<br><br>German Government, 41,226… <a href="https://t.co/NZJvaQQ17Y" target="_blank" rel="noopener noreferrer nofollow">pic.twitter.com/NZJvaQQ17Y</a></p>— Lookonchain (@lookonchain) <a href="https://twitter.com/lookonchain/status/1809220890498044354?ref_src=twsrc%5Etfw" target="_blank" rel="noopener noreferrer nofollow">July 5, 2024</a>
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<p>German authorities have been actively <a href="https://crypto.news/germany-transfers-millions-in-bitcoin-to-various-wallets/" rel="noopener noreferrer nofollow">selling</a> their Bitcoin holdings, adding significant pressure to the cryptocurrency market. In recent weeks, they have transferred substantial amounts of Bitcoin to various cryptocurrency exchanges.</p>
<p>Despite recent substantial sell-offs, the German government still retains 39,826 BTC, worth $2.29 billion. This activity has exerted pressure on Bitcoin’s price, falling by over 7% in the last seven days.&nbsp;</p>
<p>Since June 19, there has been a transfer of 17,788 BTC (approximately $1.08 billion) involving the German government, the US government, and the now-defunct Mt. Gox exchange.&nbsp;</p>
<p>Since July 1, the German government has been conducting daily BTC transfers. These entities collectively hold 396,210 BTC, valued at $22.78 billion.</p>
<p>As of July 5, the German government holds 41,226 BTC valued at $2.28 billion, while the U.S. government possesses 213,297 BTC worth $11.72 billion. Additionally, Mt. Gox controls 141,687 BTC, amounting to $7.78 billion.</p>
<p>For those who are unaware, the German government had <a href="https://crypto.news/germany-transfers-millions-in-bitcoin-to-various-wallets/" rel="noopener noreferrer nofollow">previously</a> confiscated these Bitcoins during various criminal investigations, including cases involving film piracy sites, darknet marketplaces, and other illicit activities. Initially, the government held an estimated 39,826 BTC, valued at $2.29 billion.</p>
<p>You might also like: <a href="https://crypto.news/german-mp-urges-government-to-halt-btc-sales-in-lieu-of-need-for-strategic-reserve/&nbsp; " rel="noopener noreferrer nofollow"> German MP urges government to halt BTC sales in lieu of need for ‘strategic reserve </a></p>
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  <blockquote class="twitter-tweet" data-width="550" data-dnt="true">
   <p lang="en" dir="ltr">The <a href="https://twitter.com/hashtag/German?src=hash&amp;ref_src=twsrc%5Etfw" target="_blank" rel="noopener noreferrer nofollow">#German</a> government transferred 700 <a href="https://twitter.com/search?q=%24BTC&amp;src=ctag&amp;ref_src=twsrc%5Etfw" target="_blank" rel="noopener noreferrer nofollow">$BTC</a>($40.47M) again 17 hours ago.<br><br>Since June 19, the <a href="https://twitter.com/hashtag/German?src=hash&amp;ref_src=twsrc%5Etfw" target="_blank" rel="noopener noreferrer nofollow">#German</a> government has transferred 13,466 <a href="https://twitter.com/search?q=%24BTC&amp;src=ctag&amp;ref_src=twsrc%5Etfw" target="_blank" rel="noopener noreferrer nofollow">$BTC</a>($819.3M) and still holds 39,826 <a href="https://twitter.com/search?q=%24BTC&amp;src=ctag&amp;ref_src=twsrc%5Etfw" target="_blank" rel="noopener noreferrer nofollow">$BTC</a>($2.29B).<a href="https://t.co/XylZL8ymDx" target="_blank" rel="noopener noreferrer nofollow">https://t.co/XylZL8ymDx</a> <a href="https://t.co/umywkHaOUb" target="_blank" rel="noopener noreferrer nofollow">pic.twitter.com/umywkHaOUb</a></p>— Lookonchain (@lookonchain) <a href="https://twitter.com/lookonchain/status/1809898425674248702?ref_src=twsrc%5Etfw" target="_blank" rel="noopener noreferrer nofollow">July 7, 2024</a>
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<h2 class="wp-block-heading" id="bitcoin-price-faces-more-volatility">Bitcoin price faces more volatility&nbsp;</h2>
<p>Bitcoin has fallen to a two-month low due to a combination of factors: the uncertainty around the U.S. presidential election, the impending repayment of funds by the defunct Mt. Gox exchange, and selling pressure from struggling cryptocurrency miners.</p>
<p>Mt. Gox, once the leading cryptocurrency exchange before its <a href="https://crypto.news/more-than-10-years-since-the-collapse-of-mt-gox-users-confirm-reimbursements/" rel="noopener noreferrer nofollow">collapse</a> in 2014, is set to begin <a href="https://crypto.news/bitcoin-low-mtgox-repayments-circle-mica-weekly-recap/" rel="noopener noreferrer nofollow">repaying</a> its creditors. This has raised fears that the influx of Bitcoin into the market could further depress prices as creditors may opt to sell their recovered funds immediately.</p>
<p>Cryptocurrency miners are also under financial pressure, with daily miner revenue <a href="https://crypto.news/bitcoin-dips-below-59k-as-miners-show-signs-of-capitulation/" rel="noopener noreferrer nofollow">dropping</a> by 75% since the April halving event that reduced their rewards. In response, miners have been selling their Bitcoin holdings to cover costs, contributing to the overall selling pressure.</p>
<p>Despite the current downturn, some analysts remain optimistic about Bitcoin’s long-term prospects. Tony Sycamore, a market analyst, <a href="https://www.binance.com/en/square/post/10374739452314" target="_blank" rel="noopener noreferrer nofollow">believes</a> this is a period of consolidation and that Bitcoin could retest its March highs and potentially reach $80,000.</p>
<p>However, the near-term outlook remains uncertain. Investors will closely watch for any dovish signals from the Federal Reserve, which could boost the cryptocurrency market.</p>
<p>At the time of writing, Bitcoin is trading at $56,797, representing an over 20% price decline in the last 30 days.</p>
<p>Read more: <a href="https://crypto.news/mt-gox-repayments-test-and-german-btc-sell-off-bitcoin-still-bullish/&nbsp;  " rel="noopener noreferrer nofollow"> Mt. Gox repayments test and German BTC sell-off: Bitcoin still bullish? </a></p>

Germany transfers about $40.5m in Bitcoin amid ongoing sell-off

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