Flow

Bitcoin

The German government resumed selling its <a href="https://www.coindesk.com/price/bitcoin/" data-wpel-link="external" target="_blank" rel="noopener noreferrer nofollow">Bitcoin</a> holdings on July 12, following the return of some previously transferred BTC to its Bitcoin wallet.
Arkham blockchain data indicates that the German government executed multiple transactions, transferring a total of 3,200 Bitcoin across various platforms. Bitstamp, Kraken, and Coinbase each received 400 BTC, while two unknown addresses received 1,000 BTC and 500 BTC respectively.
Crypto analyst Michaël van de Poppe speculated on X that the remaining Bitcoin, worth approximately $300 million, would likely be sold on July 12.
Historically, large sales by government entities can lead to increased market volatility. However, the careful distribution of Bitcoin across different platforms might help prevent sudden and extreme price swings.
The German government’s wallet, containing Bitcoin seized from a film pirating website in January, has transferred billions of dollars in Bitcoin since June 19, with a noticeable increase in activity at the start of July.
READ MORE: <a href="https://www.cryptointelligence.co.uk/bitcoin-surges-to-one-week-highs-following-us-inflation-data-surprise/" data-wpel-link="internal" rel="noopener noreferrer nofollow">Bitcoin Surges to One-Week Highs Following US Inflation Data Surprise</a>
Starting with 50,000 Bitcoin, the wallet has sold a significant portion of its holdings over the past month. With 5,800 Bitcoin remaining, the German government has sold 44,200 BTC — 88.4% of the original 50,000.
On July 11, the German government’s Bitcoin wallet temporarily fell below 5,000 BTC after transferring approximately $615 million worth of Bitcoin to various cryptocurrency exchanges, including Coinbase, Bitstamp, Kraken, Flow Traders, and two unknown addresses, according to blockchain analytics firm Arkham.
German lawmaker and Bitcoin advocate Joana Cotar criticized the large-scale sale of Bitcoin, suggesting that the cryptocurrency could have been utilized as a safeguard against traditional financial system risks by adopting it as a “strategic reserve currency” instead.
The recent decline in Bitcoin’s price can be attributed to several factors, including Germany’s significant sale of BTC and concerns that Mt. Gox is releasing a substantial amount of Bitcoin worth over $8 billion to its creditors.
This has led to market uncertainty and downward pressure on prices.
To submit a <a href="https://www.cryptointelligence.co.uk/category/press-releases/" data-wpel-link="internal" rel="noopener noreferrer nofollow">crypto press release (PR)</a>, send an email to <a href="mailto:sales@cryptointelligence.co.uk" rel="noopener noreferrer nofollow">sales@cryptointelligence.co.uk</a>.

German Government Resumes Bitcoin Sales, Sparking Market Volatility Concerns

Crypto Intelligence

Other articles published on Jul 13, 2024

Altcoins Record Significant Gains in the Second Week of July

Solana Faces Challenges as Token Demand Declines

Project Golem joins ETH staking frenzy, locks up 40K tokens

Top Crypto Staking Platforms for 2024

King Doge (KINGDOGE) Memecoin Will Be the Next Viral Memecoin As It Prepares to Rally 16,000%

German Government Finally Holds 0 Bitcoin, Is this a Loss for Them?

Join our free newsletter for daily crypto updates!