German Govt Sells More Bitcoin, Prices Plunge to $57K
Hey crypto enthusiasts!
The German government is offloading more of its Bitcoin stash, and it's having a big impact on prices.
According to reports, wallets linked to the German government have transferred around 1,300 coins worth roughly $75 million to centralized exchanges Coinbase, Kraken, and Bitstamp. This comes after earlier transfers this week.
The total amount of Bitcoin sold by the German government now exceeds $300 million, with some estimates suggesting it still holds around $2.3 billion in BTC.
This news has added to the selling pressure, causing Bitcoin prices to plummet 5.5% over the past few hours to a low of $57,071.
Analysts are predicting that Bitcoin could fall as low as $50,000 during this market pullback.
What do you think is driving the price action in Bitcoin? Share your thoughts!
