The cryptocurrency market continues to fluctuate with the latest moves of the German government. After recently transferring 1,700 Bitcoins worth a total of $110 million to three different crypto exchanges, authorities have now deposited 400 Bitcoins worth approximately $25 million to two separate exchanges, Kraken and Coinbase. This move, along with the recent struggle of Bitcoin whales (major investors), has sparked intense interest and speculation in the market.
Bitcoin sales from Germany
The German government is on the agenda with its latest move that caused great fluctuations in the cryptocurrency market. After recently transferring 1,700 Bitcoins worth a total of $110 million to three different crypto exchanges, authorities have now deposited 400 BTC worth approximately $25 million to two separate exchanges, Kraken and Coinbase. This move, along with the recent struggle of BTC whales (major investors), has caused intense interest and speculation in the cryptocurrency market.
Blockchain tracking service Arkham reported that the German government split the 400 Bitcoin transfer between Coinbase and Kraken, depositing 200 BTC to each exchange. The total value of this transfer is approximately $24.34 million. This move follows the government’s earlier large transfer of 1,700 Bitcoins worth $110 million distributed between Kraken, Coinbase and Bitstamp.
There are billions of dollars in profit
Latest data shows that Germany’s Bitcoin assets have appreciated significantly, reaching $3.24 billion, of which $1.1 billion is recorded as unrealized profit. These sales by the German government, combined with large outflows from Bitcoin ETFs (Exchange Traded Funds), may be contributing to the current selling pressure that is currently pushing the Bitcoin price below $60,000.
What is the latest situation in BTC price?
Bitcoin’s price is currently trading at $60,728.75, down 1.07% recently. The cryptocurrency fluctuated between $61,581.70 and $60,301.83 in the last 24 hours. This drop coincides with a $174.5 million outflow from BTC ETFs on June 24, according to Farside data. Bitcoin’s market dominance decreased by 0.68% to 53.44%, and the total market value fell to 1.21 trillion dollars. The reasons for the government selling its Bitcoins were not clearly explained.
While the German government is selling Bitcoin assets, other large investors are buying by taking advantage of price drops. As Kriptokoin.com reported, Michael Saylor’s company, MicroStrategy, announced on June 20 that it purchased another 11,931 Bitcoins with the proceeds from $800 million in convertible bonds.It is being watched with curiosity how the cryptocurrency market will react in the coming days and whether the government’s sales will further reduce the price of Bitcoin. This may also affect traditional investors’ interest in cryptocurrencies.
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