The German government has sent large amounts of Bitcoin to Coinbase, Bitstamp and Kraken, according to on-chain observers. Government-labeled addresses have transferred around $193 million worth of BTC to known crypto exchange addresses since last month. Amid these developments, we looked at AI’s price forecast for the end of July.
The German government is piling BTC on exchanges!
As you have been following on Kriptokoin.com, the market is fluctuating in a narrow area. The leading crypto Bitcoin is fluctuating between $62,000 and $63,000. The selling pressure is preventing Bitcoin from moving beyond $63,000. In this atmosphere, Bitcoin addresses labeled as belonging to German authorities sent another 282.74 BTC ($17.6 million) to Coinbase, Bitstamp and Kraken, according to on-chain analytics platform Arkham. This suggests that the German government intends to sell the assets.
Addresses tagged by the German government began sending Bitcoin to crypto exchanges last month after 50,000 BTC was seized from movie piracy site Movie2k in January. At around 8:20 a.m. on July 2, the German Federal Criminal Police Office (BKA) sent 100 BTC ($6.2 million) to Coinbase, 150 BTC ($9.4 million) to Bitstamp and 32.74 BTC ($2 million) to Kraken, according to Arkham.
Germany holds $2.7 billion worth of BTC
Analytics firm Lookonchain said that on June 26, the German government sent 345.34 Bitcoin ($21.2 million) to market maker Flow Traders following a test transaction, which could mean they sold Bitcoin through the firm. However, on June 27, the German government repurchased 475 BTC ($29.2 million) from addresses labeled Kraken, Bitstamp and Coinbase. This was followed by 310 Bitcoin ($20.1 million) from Kraken on June 20. It also took another 90 Bitcoin ($5.5 million) from wallets previously linked to Robinhood, Bitstamp and Coinbase, according to Arkham.
According to Arkham data, the German government currently holds 43,859 Bitcoins worth about $2.7 billion at current prices. According to Bitcoin Treasuries, Germany is among the largest known Bitcoin-holding nation-states after the US, China and the UK with 213,246 BTC, 190,000 BTC and 61,000 BTC respectively.
Bitcoin price prediction from artificial intelligence
Regarding its performance in the coming weeks, advanced AI algorithms running on cryptocurrency monitoring and forecasting platform PricePredictions predict that BTC’s price action will turn positive and reach $63,261.23 on July 31. This means that if these predictions, based on technical analysis (TA) parameters such as average true range (ATR), Bollinger Bands (BB) and moving average convergence divergence (MACD), come true, Bitcoin could rise by 0.88% from its current price.
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