Germany has sold off all its Bitcoins worth $2.9B. According to data from Arkham IntelligenceIn the past 24 hours Germany made more BTC transactions, reducing its supply. No government holds the top cryptocurrencies in the market.
In June, the nation had accumulated as many as 50,000 BTC. Assets seized by the government in January were estimated to be worth $2.8 billion. Germany sold a lot of cars on Monday. $900 million from its BTC wallet. This was the largest Bitcoin sale in a single day and it showed that they were focused on reducing their stash. The price of Bitcoin was impacted by this tactic in a very negative way.
To put things in perspective, the Bitcoins being sold are from an extensive seizure that took place back in 2013 when BKA collected nearly 50,000 BTC, from operators of Movie2k.to a popular film-piracy site. At current prices, the holdings amount to nearly $3B. Similar to the US government, Germany is also getting rid of Bitcoins by selling them to exchanges such as Bitstamp or Kraken.
BTC’s price has dropped from its $60,000 stable range to an all-time low of $4 months. At press time the token was trading at $57.700, down by 15% over the past 30 days. German government’s Bitcoin sale contributed to the market panic, which caused it to plunge.
Bitcoin is still expected to recover. Some market analysts believe that BTC is likely to rally in the next few weeks, now that the recent data on inflation has shown positive results. The upcoming launch of Ethereum ETFs may also reignite the hype on the ETF markets, resulting in a healthy market for Bitcoin ETFs, and consequently BTC.
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Source: watcher.guru