The cryptocurrency market is currently facing a number of challenges. One important factor is the distribution of bitcoins from the now-defunct Mt. Gox, which began in early July. It is expected that Mt. Gox will distribute more than $8 billion in Bitcoin to lenders, and significant amounts may soon hit the market.
In addition, the US government's sale of Bitcoin seized from Silk Road, a notorious online black market, adds to the current pressure on the market. The US Marshals Service recently selected Coinbase Prime to manage these assets, signaling their imminent sale.
Adding to these liquidity shocks are the sales of Bitcoin by the German government through various seizures. Online data shows that the German government is continuing its Bitcoin sales.
According to Arkham Intelligence, 375 BTC were transferred from the wallet to several cryptocurrency exchanges.
According to Arkham Intelligence, 375 BTC were transferred from the wallet to several cryptocurrency exchanges.
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