The German government's Bitcoin sales process has finally ended. According to Arkham Intelligence, the government divested its remaining Bitcoin holdings and a wallet associated with Genesis Trading began moving its holdings to Coinbase. Additionally, while the cryptocurrency market is still recovering from the FTX crash, the Crypto Fear and Greed Index has entered extreme fear territory, falling to the lowest level since January last year.
The German government announced that there was no Bitcoin left to sell as of July 12. According to data from Arkham Intelligence, the government sent the last 3,846.05 Bitcoins for liquidation on July 12. According to previous statements, the government began selling more than $2 billion worth of Bitcoin through Coinbase, Kraken and Bitstamp three weeks ago. These sales are thought to be effective in Bitcoin's massive decline in recent weeks. Since the beginning of June, Bitcoin's price has fallen from around $71,000 to below $58,000; On July 7, there was a drop below $55,000.
Not every member of the German government supported these mass sales. German MP and Bitcoin activist Joana Cotar argued that the seized Bitcoin could be considered as a strategic reserve currency to protect against risks in the traditional financial system.
Notable Developments About Genesis Trading
A cryptocurrency wallet owned by Genesis Trading transferred approximately $720 million worth of Bitcoin to the Coinbase exchange last month. This signals the beginning of asset liquidations. The wallet, labeled Genesis Trading, has transferred more than 12,600 Bitcoins in the last 30 days, mostly in transactions of 500 to 700 Bitcoins. According to Arkham Intelligence data, the wallet currently has 33,356 Bitcoins, up from 46,000 Bitcoins on June 12.
These major transfers come two months after New York State attorney general Letitia James announced that her office had reached a settlement with Genesis, requiring the company to pay $2 billion to investors defrauded through its Earn scheme.
Frightening Developments for Bitcoin
The Crypto Fear and Greed Index, which tracks Bitcoin and overall crypto market sentiment, has fallen to its lowest level since January of last year, falling to the level of extreme fear. This is linked to the Bitcoin price failing to rise above $60,000 for the second time in the last 48 hours. Crypto analyst Justin Bennett noted in a post on July 11 that Bitcoin's price level has once again rejected $60,000, indicating the formation of a potential ascending wedge; This shows that further declines can be expected in the coming days.
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