German Government Sells Bitcoin: It Sent BTC to 2 Exchanges!

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 about $25 million to two different exchanges, Kraken and Coinbase. This move, along with the recent efforts of Bitcoin whales (big investors), has led to heavy 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 about $25 million to two different exchanges, Kraken and Coinbase. This move, along with the recent efforts of BTC whales (big investors), has caused heavy 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 dollars. This move follows the government’s previous large transfer of 1,700 Bitcoins worth $110 million distributed among Kraken, Coinbase and Bitstamp.

There are billions of dollars in profit

Latest data shows that Germany’s Bitcoin assets have increased significantly to $3.24 billion, of which $1.1 billion is now recorded as unrealized profit. These sales by the German government, combined with massive 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?

The price of Bitcoin has recently fallen by 1.07% and is trading at $60,728.75. The cryptocurrency has fluctuated between $61,581.70 and $60,301.83 in the last 24 hours. According to Farside information, this decrease coincides with the outflow of $ 174.5 million from BTC ETFs on June 24. 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. cryptokoin.com As we 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 situation may also affect the interest of classical investors in cryptocurrencies.