Several factors are responsible for the recent price declines recorded by Bitcoin ($BTC ) and other established crypto assets. As reported by crypto.news, the German government has been liquidating the over 50,000 BTC confiscated from the illegal online piracy platform Movie2k several years ago. The sell-off commenced on June 19, with a transfer of 1,500 BTC to exchanges such as Coinbase, Bitstamp, and Kraken. Over the past month, the government has sold more than 3,000 BTC, valued at approximately $172 million, in multiple transactions.
The German government still holds 46,356 BTC, which is valued at approximately $2.6 billion at current prices.However, recent reports indicate a temporary halt in the German government’s Bitcoin sales. On-chain analytics reveal no further transfers from the government-linked wallet to exchanges in the past week.At press time, the Bitcoin ($BTC ) price is hovering around the $57,754 region, representing a 5.2% decline this week.