The German government sold another $900 million in Bitcoin through its wallet, raising concerns that the price of BTC would decline due to the sales.📉 According to Arkham Intelligence, 16,309 BTC were transferred to various addresses on July 8th. Some transactions were on crypto exchanges Bitstamp, Coinbase and Kraken.

Following these transfers, the price of Bitcoin fell sharply, falling 6.75% from $58,200 to $54,278.

This decline in the price of Bitcoin led to massive liquidations in the crypto market. According to Coinglass, $425 million worth of positions were liquidated, of which $216 million were long positions.

There is also expected pressure on the sale of Bitcoin due to the start of the process of returning funds to creditors of the former crypto exchange Mt. Gox.

Bitcoin is currently trading at $56.433, down 1.52% over the last 24 hours.