Why is Bitcoin falling?

Last week, the German Government moved 1,700 BTC worth $110.8 million to Coinbase, Kraken, and Bitstamp in a total of 2 days. With the last transfer that triggered the decline in Bitcoin and cryptocurrencies today, 47,179 Bitcoins worth more than $3 billion were left in the wallet of the German government.

This situation was recorded as one of the factors that triggered the decline in Bitcoin.

On the other hand, QCP Capital, in its report published over the weekend, stated that Bitcoin assets held by miners have fallen to the lowest level in the last 14 years, while total reserves have decreased by 50,000 since the beginning of the year.

It is estimated that sales by miners also had a serious impact on the Bitcoin price decline.

According to CoinGecko data, Bitcoin is finding buyers at $62,500 at the time of writing.