German Triggers Bitcoin Crash With Rapid Selling: Here’s How Much BTC They Have Left



The
price
of


Bitcoin
has
crashed


again
as
the
German
government
continues
its
BTC
selling
spree.
The
government
has
already
sold
millions
of
dollars
worth
of
Bitcoin,
putting


immense
pressure


on
the
pioneer
cryptocurrency
amidst
broader
market
volatility. 

German
Government
Initiates
Massive
BTC
Sell-Off


Bitcoin’s
consistent
price
decline


has
been
driven
by
multiple
factors
including
outflows
from
Spot
Bitcoin
ETFs,
unfavorable
market
conditions
and

How To Get Free Crypto  


Mt
Gox’s
BTC
redistribution
plans
.
Lately,
the
cryptocurrency’s
price
has
been
further
pressured
by
the


substantial
BTC
sell-offs


executed
by
the
German
government. 


Related
Reading


For
weeks,
Germany
has


sold
thousands
of
Bitcoin


worth
hundreds
of
millions
of
dollars.
On
June
25,
blockchain
analytics
platform
Arkham
Intelligence


reported


that
the
government
sold
900
BTC
worth
about
$52
million.
They
moved
400
BTC
to
Coinbase
and
Kraken
and
transferred
the
rest
to
an
unidentified
address. 


Additionally,
last
week
the
German
government


executed


another
major
Bitcoin
sell-off,
transferring
a
whopping
3,000
BTC
valued
roughly
at
$172
million
to
exchanges.
The
government
moved
1,300
BTC
to
Kraken,
Bitstamp,
and
Coinbase
and
sold
the
rest
to
an
unknown
wallet
address. 


The
most
recent
BTC
transaction
was
on
Monday,
June
8,
when
the
German
police
sold
an
additional
2,738.7
BTC
worth
approximately
$155.3
million. 
Arkham
Intelligence
revealed
that
the
Bitcoin
was
likely sold
to
crypto
exchanges
or
market
makers,
including
Kraken,
Cumberland,
139Po,
and
address
bc1qu.
 


As
of
writing,
the
German
government
still
holds
a
staggering
amount
of
Bitcoin.
Arkham’s


data


has
revealed
that
the
government’s
holdings
amount
to
26,053
BTC
valued
at
approximately
$1.49
billion. 


Despite
the


BTC’s
recent
crash
,
the
German
government
Bitcoin
continues
to
sell
their
BTC
holdings
at
a
rapid
pace.
Joanna
Cotar,
a
member
of
the
German
Bundestag,
the
National
parliament
of
the
Federal
Republic
of
Germany,
has
shown
her
displeasure
with
the
government’s
decision
to

Coinbase Banner  


sell
off
their
BTC
holdings
.


Cotar


disclosed


that
the
government
should
be
strategically
holding
BTC
and
not
selling
them
off.
She
disclosed
that
their
recent
BTC
sell-offs
were
counterproductive
and
not
sensible,
urging
the
government
to
utilize
their
BTC
as
a
strategic
reserve
currency.  

Bitcoin
Price
Update
After
Crash


Over
the
past
week,


Bitcoin’s
price
fell


by
a
substantial
8.71%
after
crashing
by
17.10%
in
the
past
month.
This
decline
has
been
attributed
to


unabating
selling
pressures


and
recent
bearish
trends
in
the
crypto
market. 


Related
Reading


Since
the
beginning
of
June,
Bitcoin’s
price
movements
have
been


displaying
weakness
and
underperforming


significantly.
Despite
inflows
into
Spot
Bitcoin
ETFs,
Bitcoin
had
remained
volatile
under
the
$60,000
price
mark,
showing
minor
upward
momentum. 


Including
the


German
government’s
BTC
sell-offs
,
crypto
analyst,
Ali
Martinez
has
also
revealed
in
an


X
post


that
Bitcoin
whales
have
sold
over
30,000
BTC
worth
approximately
$1.8
billion
in
the
past
month.
This
30,000
BTC
sell-off
which
surpasses
the

FreeBitcoin Banner  


German
government’s
current
Bitcoin
holdings


has
contributed
significantly
to
Bitcoin’s
decline
to
its
present
price
of
$57,039,
according
to
CoinMarketCap. 

BTC
price
holds
above
$57,000
|
Source:

BTCUSD
on
Tradingview.com

Featured
image
created
with
Dall.E,
chart
from
Tradingview.com

Go to Source
Author: Scott Matherson


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