The German government's Bitcoin sales, which have been ongoing for the last month, have caused fluctuations in the cryptocurrency markets. However, recent developments are promising. The wallet labeled "German Government" was found by Arkham Intelligence to no longer contain Bitcoin (BTC) for sale. This could lead to a wave of relief in the market and provide positive momentum in the Bitcoin price.
The Bitcoin market has had a rough time due to the German government's Bitcoin sales that have been going on for the last month. However, recent developments may lead to relief in the market. The wallet labeled "German Government" was found by Arkham Intelligence to no longer contain Bitcoin (BTC) for sale. After Germany's continuous sales for about a month, the government released its remaining Bitcoins to the market. According to various reports, Germany has sold more than 46,000 BTC to date. With the latest update, Arkham Intelligence revealed that the last 3,846 Bitcoin units worth $223.81 million were transferred to Flow Traders and 139Po. The balance in the closely monitored wallet now shows 0 BTC. The weeks-long sale of these Bitcoins triggered multiple downtrends in the cryptocurrency market.
This development signals that Bitcoin may gain upward momentum. In the last 24 hours, Bitcoin price increased by 0.91% to $ 58,236.12. It is thought that an upward momentum may begin for Bitcoin, which has generally shown downward volatility lately. In the last 24 hours, the lowest BTC price was recorded as $56,590.17 and the highest transaction level was $58,532.68. Although the threat from Germany is over, Bitcoin still faces significant headwinds from other regions. The USA also has a known BTC stock that it can sell to central exchanges such as Coinbase. It is known that the Chinese government has seized approximately 190,000 BTC and can liquidate these coins at any time. Considering all these factors, the refunds of Mt.Gox victims should not be forgotten, which is an important point of attention for long-term Bitcoin investors.
As a result, the German government completed its Bitcoin sales and sold approximately 46,000 BTC. This development could have a positive impact on the Bitcoin market and indicate an increase in prices.
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