The German government's Bitcoin clearance sale has come to an end, and the cryptocurrency market has entered an unknown new chapter!
Recently, a major decision by the German government has set off waves in the cryptocurrency community. The government officially announced that it would no longer allow Bitcoin to enter its cryptocurrency market, and has completed a large-scale Bitcoin sell-off, leaving its wallet empty. This series of transactions involved a large number of transfers to mainstream exchanges and institutional services such as Kraken, Bitstamp, and Coinbase, highlighting the German government's strategic adjustment in the field of cryptocurrency.
Although the news initially sounded shocking to the market, the response from the crypto community was quite positive. Instead of falling sharply after the sell-off, the price of Bitcoin rose slightly, showing the market's ability to digest the news. On-chain data shows that a series of transactions on July 12 officially announced the end of the German government's sell-off, bringing a glimmer of new hope to the market.
The German government's sell-off has sparked widespread discussion in the crypto community. Some people understand the government's decision, believing that it is a necessary measure in managing the country's asset portfolio; others disagree, believing that the government may "deeply regret" missing out on Bitcoin's long-term growth potential. However, in any case, this decision undoubtedly adds new uncertainty to the future development of the cryptocurrency market.
Data from Arkham Intelligence shows that the German government has shown a certain degree of strategicity in the process of selling. They not only sent a large amount of Bitcoin to several major exchanges, but also traded through institutional deposit services in an attempt to control the impact of the sell-off on the market. Despite this, the selling frenzy still had a certain impact on the market price, and the price of Bitcoin was under pressure for a time. However, with the end of the sell-off and the gradual absorption of the selling pressure by the market, the price of Bitcoin began to stabilize and rebound.
Near skirt exchange learning see homepage
