Bitcoin Escaped from Germany: The Feared Wallet Finally Reset!

The German government's holdings of Bitcoins (BTC) are completely gone.

Germany has come to an end with Bitcoin sales exceeding $3 billion. According to the data provided by the on-chain analysis platform Arkham, the amount of Bitcoin held by Germany was reset to zero as of July 12.

The government's last transaction was to send 3,846 BTC worth $223.81 million to Flow Traders and 139Po, which offer institutional OTC trading.

It triggered huge declines

The government started sending the Bitcoins it seized from the Deep Web and hackers to stock exchanges for sale last week. This activity was enough to create serious sales pressure on the market.

Last week, the government moved more than 10 thousand BTC at a time, causing the market to fall.

The end of the selling pressure has a positive impact on cryptocurrencies for now. There have been increases in many cryptocurrencies, including Bitcoin, in the last 24 hours.

According to CoinGecko data, Bitcoin, which has increased by 2% in the last 24 hours, is traded at $ 58,200 at the time of writing.