đ„đ„Why is Bitcoin Price in Decline? đ„đ„
Bitcoin (BTC) price dropped to $54,800 at the time of writing and is currently trading at $56,000. Volatility in the market is extremely high. The biggest reason for this situation is Germany's ongoing BTC sales. But what were the details that triggered this decline in the last few hours? Here are the details.
Why Is Bitcoin Falling?
50 thousand BTC seized by the German government has been sold in pieces for a long time. While alarms are ringing on the blockchain with constant transfers, investors' risk appetite is significantly negatively affected. Half of the total reserves were melted with the latest corporate sales made by BKA, which is affiliated with the German government. At the time of writing, $79.9 and $51.3 million worth of BTC were transferred on Coinbase and Bitstamp exchanges, respectively. Following recent transfers to market maker Flow Traders and exchanges, there is currently $1.35 billion of BTC available for sale.
It is predicted that the short-term intense selling pressure in the markets may weaken as the remaining BTCs are sold. However, it is necessary to take into consideration the details that MTGOX refunds will occur slowly.
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