Just-In: German Govt Moves 500 Bitcoin, Another BTC Dump Imminent? đ¨
The German government recently transferred 500 Bitcoin (BTC) amid a sharp market decline, with the BTC price falling to $54,000. This move has sparked fears of an accelerated market crash. Moreover, the Mt. Gox collapsed crypto exchange has started repaying its creditors in Bitcoin and Bitcoin Cash (BCH), further exacerbating FUD in the market.
Inside German Governmentâs Latest Bitcoin Transfer
According to Arkham Intelligence, the transfer was made to a wallet address, 139PoâŚ, known for handling the German governmentâs Bitcoin transactions. Moreover, this wallet often receives BTC from the government and transfers it to other wallets. This can lead to significant sell-offs on crypto exchanges. Currently, the German government wallet holds 41,774K BTC worth a staggering $2.26 billion.
Earlier, on July 4, the German government offloaded 1,300 BTC to popular crypto exchanges. Data from Arkham showed that this sale totaled nearly $76 million. The Bitcoin price dropped below $58,000 shortly after this large liquidation and the trend has continued.
In Thursdayâs transfer, the German government moved 500 Bitcoin, valued at $29.05 million to Bitstamp. Additionally, they sent 400 BTC valued at $23.24 million each to Coinbase and Kraken. Moreover, the government moved 1,700 BTC worth $98.76 million to the wallet used in the latest transaction.
This sparked speculation of an impending sell-off, as this wallet is often used for further BTC offloading. The 1,700 BTC was then transferred from this wallet to another wallet. Moreover, the wallet also shifted todayâs 500 Bitcoin, worth $27.07 million, to the wallet address, bc1q7âŚ., which has also been involved in the German governmentâs Bitcoin dump.
However, these transactions have led to concerns that the governmentâs actions could cause a more significant market downturn. On the contrary, the government had retrieved 1,570 Bitcoin transferred on Thursday. Out of this, 545 BTC was withdrawn from Coinbase.
