German Government Selling up To $175M Bitcoin
- German government moved 3000 BTC ($175M) to exchanges.
- Speculations about potential market sell-off.
- Bitcoin facing bearish pressure, trading below $58K.
German Government Moves $175M Bitcoin to Exchanges
According to data from the on-chain analytics platform Arkham Intelligence, the German government has moved 1300 BTC ($76M) to exchange deposits at Kraken, Bitstamp, and Coinbase.
They have also moved 1700 BTC worth of $99 Million to address 139Po. These funds are likely to move to a deposit for an institutional service or OTC. The German Government still holds 40,359 Bitcoins worth $2.3 Billion in tagged addresses on-chain.
Source: arkhamintelligence
Recently, the German Government transferred 1500 BTC worth $95 Million to exchanges like Bitstamp, Coinbase, and Kraken. The series of transfers has continued since June 19, 2024.
The German Federal Criminal Police Office (BKA) acquired all these Bitcoins in 2013. They seized approximately 50K BTC from a privacy website known as Movie2k.to.
The recent movements of these assets have sparked worries over a possible sell-off.
Will These Big Bitcoin Transfers Impact Crypto Market
The German Government transferred more than 3000 Bitcoins in the past two weeks raising speculations in the community.
The recent big transfers by the US government and German governments and upcoming Mt.Gox repayments surged the fear of selling pressure in Bitcoin.
The substantial movement of over 3000 Bitcoins by the German Government, along with the U.S. government's significant transfers to exchanges, has triggered a wave of speculation within the Bitcoin community.
These events, combined with the anticipated Mt.Gox repayments, have heightened apprehensions about a potential influx of Bitcoin on the market, which could exert downward pressure on its price.
Market observers are closely monitoring these developments for signs of impact on the broader cryptocurrency market dynamics.
Bitcoin Breaks Below 58K Mark
On the daily technical chart, the Bitcoin is facing a bearish pressure break below the $58,000 Mark. If BTC price breaks the current support level of 57K then it could touch the next support at $53,116.
At the time of writing Bitcoin was trading at the level of $57953 with an intraday drop of 3.64% showcasing bearishness on the daily chart.
The key indicators like RSI and MACD are also giving bearish signals. The RSI curve is in the overbought zone at 30.56. The MACD curve is also in the bearish zone showcasing bearishness.
Conclusion
The German Government's recent liquidation of a significant portion of its Bitcoin holdings, along with similar moves by the U.S. government and the looming Mt.Gox repayments, have cast a shadow of uncertainty over the cryptocurrency market. The community is rife with speculation that these large-scale transfers could lead to increased selling pressure, potentially driving down Bitcoin's price.
