The price of Bitcoin crashed again as the German government continues its BTC selling spree. The government has already sold millions of dollars worth of Bitcoin, putting immense pressure in the pioneering cryptocurrency amid broader market volatility.
German government begins mass BTC liquidation
The Consistent Decline in Bitcoin Price was driven by several factors including outflows from spot Bitcoin ETFs, unfavorable market conditions and Mt Gox BTC Redistribution Plans. Lately, the price of cryptocurrency has been further pressured by the Substantial BTC sales implemented by the German government.
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For weeks, Germany sold thousands of Bitcoin worth hundreds of millions of dollars. On June 25, blockchain analytics platform Arkham Intelligence reported that the government sold 900 BTC worth about $52 million. They transferred 400 BTC to Coinbase and Kraken and transferred the rest to an unidentified address.
Furthermore, last week the German government executed Another major Bitcoin liquidation, transferring a whopping 3,000 BTC worth approximately $172 million to exchanges. The government transferred 1,300 BTC to Kraken, Bitstamp and Coinbase and sold the rest to an unknown wallet address.
The most recent BTC transaction was on Monday, June 8, when German police sold an additional 2,738.7 BTC worth approximately $155.3 million. Arkham Intelligence revealed that Bitcoin was likely sold to crypto exchanges or market makers including Kraken, Cumberland, 139Po and bc1qu address.
At the time of writing, the German government still holds an impressive amount of Bitcoin. Arkham data revealed that the government’s holdings total 26,053 BTC valued at approximately $1.49 billion.
despite the The recent fall of BTCthe German Bitcoin government continues to sell its BTC holdings at a rapid pace. Joanna Cotar, a member of the German Bundestag, the national parliament of the Federal Republic of Germany, has expressed her displeasure with the government’s decision to sell your BTC holdings.
Quote disclosed that the government should strategically hold BTC and not sell it. She revealed that its recent BTC sales were counterproductive and unwise, urging the government to utilize its BTC as a strategic reserve currency.
Bitcoin Price Update After Crash
Last week, Bitcoin price has fallen fell a substantial 8.71% after falling 17.10% last month. This decline was attributed to unwavering selling pressures and recent bearish trends in the crypto market.
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Since the beginning of June, Bitcoin’s price movements have been displaying weakness and poor performance significantly. Despite inflows into spot Bitcoin ETFs, Bitcoin remained volatile below the $60,000 price mark, showing little upward momentum.
Including the German government BTC salesCrypto analyst, Ali Martinez also revealed in a X post that Bitcoin whales sold over 30,000 BTC worth approximately $1.8 billion last month. This 30,000 BTC liquidation that surpasses the The German Government’s Current Bitcoin Holdings contributed significantly to Bitcoin’s decline to its current price of $57,039, according to CoinMarketCap.
Featured image created with Dall.E, chart from Tradingview.com