Bitcoin dropped 3.5% to $64,700 due to German government selling off seized assets. The sell-off continues, with Bitcoin down 9% in two weeks.
German authorities seized $3 billion in Bitcoin from Movie2k.to in 2020. They've sold $325 million so far, likely selling more soon.
Bitcoin hit a high of $73,797 in March but dropped to $56,527 in May amid wider market declines.
German sell-off isn't the sole reason for Bitcoin's recent drop; general market negativity also plays a role.
Bitcoin's price dips often influence other crypto assets, a recurring trend in the market.
German authorities, acting as crypto whales, impact crypto prices due to their significant holdings and trading activities.#BTCFOMCWatch #BTC #Binance
