The German government (Germany) continues to sell #Bitcoin❗ at full speed. However, while these sales do not discourage the leading cryptocurrency, individual users are competing for purchases. The German government transferred another 400 BTC to major cryptocurrency exchanges as part of an ongoing sale totaling over 2,500 BTC.
Germany Bitcoin Sales
According to Arkham, the German government transferred 400 $BTC worth approximately $25.28 million to Bitstamp, Coinbase and Kraken at 16:25 UTC+8. This follows the transfer pattern from the previous two weeks and includes a total of more than 2,700 BTC sent to centralized exchanges. In the last transfer, Kraken and Coinbase received 100 BTC each, while Bitstamp received the largest portion, 200 BTC.
These transactions occurred in three significant batches: 1,700 BTC initially worth $110 million, then 400 BTC worth $24.34 million, and 595 BTC worth approximately $36.5 million before the latest transaction.
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Despite these sales, Germany's Bitcoin holdings have gained significantly in value and are now worth $2.8 billion, including $961 million in unrealized profits. While some analysts have cited these government sales as a factor in recent market volatility, the overall impact remains unclear due to other influential market forces.
Bitcoin Price Performance
Despite the German government's sales, Bitcoin's price has shown resilience and managed to climb to $63,000. As of the date of writing, Bitcoin's live price was $62,868.28 and its 24-hour trading volume was $23.8 billion. Open interest in Bitcoin increased by 1.56%, reaching a valuation of $18.4 billion.
Bitcoin's Relative Strength Index (RSI) is currently at 58.3, just below the 50 RSI zone, indicating strong buying pressure. The cryptocurrency traded between $63,747.23 and $62,545.85, up 2.29% in the last 24 hours. Bitcoin's current market cap is approximately $1.2 trillion, reflecting its continued dominance in the cryptocurrency market despite the recent sell-off.