(Wed 10 July 2024, 1:00 PM GMT):
In the crypto market today, the German government has been actively selling off its Bitcoin $BTC holdings. According to Arkham Intelligence, just in the past hour, they have transferred another 2,000 BTC, worth approximately $117.3 million, to major exchanges such as Coinbase, Kraken, and 139Po.
This latest transaction leaves the German government with 13,110 BTC, valued at around $766.52 million. This is now just 26.8% of the total Bitcoin they originally seized from the Movie2k case.
Over the past 24 hours, the government has been in full "sell mode," as evidenced by the large volume of transactions. Despite this significant selling activity, Bitcoin has shown resilience, with its price surging to over $58,000. In the last 24 hours alone, BTC has risen by 1.74%, currently trading at $58,473, While $ETH is surged by 1.29% today
It seems that even with the German government's substantial sell-off, Bitcoin continues to hold strong, demonstrating the cryptocurrency's robust demand and market strength.
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