The price of Bitcoin, the largest cryptocurrency by market cap, is losing ground despite the strength of the US stock market.
The flagship cryptocurrency slipped to an intraday low of $64,544 after reaching a peak of $66,436, according to CoinGecko data.
The recent bearishness could be related to the Bitcoin selling spree initiated by the German government. According to data provided by analytics platform Arkham Intelligence, the German government sent $65 million to two likely exchange deposits including Coinbase. Notably, Ki Young Ju, founder and CEO of on-chain analytics platform CryptoQuant, has noticed that selling pressure is primary origination from the Coinbase exchange.
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This comes after the German government sent $130 million worth of Bitcoin to various exchanges that included Kraken and Bitstamp. It continues to hold a whopping $3.05 billion worth of Bitcoin.
German authorities famously seized a whopping 50,000 Bitcoins from Movie2k.to, the now-defunct piracy website, back in 2013.
Nvidia keeps surging
In the meantime, the benchmark S&P 500 index briefly surpassed 5,500 for the first time ever earlier today before paring some gains.
The US stock market is being propped up by the remarkable surge of tech giant Nvidia. After becoming the most valuable public company in the world, Nvidia's market capitalization now stands at a staggering $3.4 trillion. This makes it bigger than France's GDP and the entire crypto industry.
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The majority of traders believe that the U.S. Federal Reserve is going to cut rates before November. This could give the battered cryptocurrency market some hope since a looser monetary policy would benefit crypto.