JUST IN: 🇩🇪 Germany now has under $285 million worth of Bitcoin left to sell.
Germany moves more Bitcoin to exchanges and scares the market
With exceptions, governments do not usually get involved in cryptocurrency trading. Virtually all the tokens that government wallets hold come from police The sales process for these cryptocurrency is long and open, which means the entire market knows what will happen next. And the dumping of these tokens, again, breaks the delicate balance between supply and demandIn short, the sudden appearance of a cryptocurrency supply creates pressure for prices to fall. And, as traders know this will happen, they move to sell their holdings on the rise before the decline in valueHowever, this also generates downward pressure on prices. The result is a snowball of falls
Germany continues to sell Bitcoin
BTCUSD
The most recent performance of this theater occurred in early July 2024, when both the US and German governments moved large amounts of Bitcoin into their wallet
Transfers from the European country occurred to wallet addresses on exchanges, something that indicates the intention to sell. In total, the German government moved 3,000 BTC, worth approximately US$174.3 million
On Monday (8), however, blockchain analysis company Arkham Intel reported a new transfer in German wallets. The new batch has, in total, more than 16,000 BTC transferred to exchanges and market makers
The movement occurred in waves, with several updates throughout the day. Arkham itself reported the transfers in at least three tweets
The transfers caused another shock to the price of Bitcoin. The price of the cryptocurrency was $62,830.10 on July 1st. With the panic, it fell to a low of $55,256 near midday on Monday. At the time this article was finalized, the parent cryptocurrency was worth $56,391Although this represents a slight recovery, it is still too early to say that BTC's downward phase is over.
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