🔥🔥🔥 Crypto Market Awaits Reaction After German Government Now Has Zero Bitcoin
Crypto Community Reacts to German Government's Bitcoin Sale
The German government’s recent Bitcoin sale has ignited discussions within the crypto community, focusing on its potential long-term market impact.
German Government Bitcoin Sale
According to Arkham Intelligence, the German government began selling Bitcoin yesterday, transferring 2,700 $BTC to major exchanges like Kraken, Bitstamp, and Coinbase. They also used other institutional deposit services for these transactions.
Following the sales, the government received 4,169 BTC back, indicating efforts to mitigate the sell-off's impact. Additional transactions included 748.25 BTC to Cumberland and 2,300 BTC to Kraken and other services.
Final transactions involved sending 3,049 BTC to an institutional deposit service and 752.17 BTC to Flow Traders. This complete divestment led to a slight increase in Bitcoin’s price from $57,232 to $57,896. As of now, Bitcoin is trading at $57,811.
Community Reactions
The crypto community expressed mixed feelings about this development. While some felt relieved, others speculated that the government might “deeply regret” its decision. BeInCrypto reported that the German government’s sales spree began on June 19, significantly impacting the market. Initially, Bitcoin was trading around $65,000, but it has stayed below $60,000 since the intensified sales.
Long-Term Outlook
Despite the short-term liquidity shock, experts believe long-term bullish factors will drive significant growth once the market absorbs these sales. Renowned crypto trader Michaël van de Poppe noted that the market had absorbed approximately $3.5 billion in sell pressure over the past weeks.
Source - beincrypto.com
