German Govt Transfers Another 700 Bitcoin Amid Price Recovery

Technology

German Govt Moves 1000 Bitcoin To Coinbase & Other Addresses – Crypto News

Published

8 months ago

July 8, 2024

Dripp

The German government has recently transferred 1000 Bitcoin (BTC), valued at approximately $55.79 million, to various destinations including Coinbase, Bitstamp, and addresses beginning with 139Po. This transaction is part of a series of moves that have occurred during a period of price volatility in the cryptocurrency market.

Over the past 24 hours, Bitcoin has experienced a significant price drop followed by a price recovery. These large-scale transfers of Bitcoin have not only caused price fluctuations but have also sparked discussions and speculation about the future direction of the cryptocurrency market.

German Government’s BTC Transfer and Market Impact

According to On-chain data provided by Arkham Intelligence, it has reflected the transfer of 1000 BTC from the German government’s holdings. This recent transfer saw 250 BTC sent to Coinbase and Bitstamp separately while another 500 BTC was moved to an unkown address (139Po…ybVu).

Despite this transfer, the government still retains a substantial 39,826 BTC, worth an estimated $2.15 billion. This move initially triggered bearish sentiment among cryptocurrency enthusiasts on social media platforms. The recent transfer is part of a larger trend. In the past 19 days since June 19, the German government has moved a total of 11,032.3 BTC, valued at approximately $668.2 million.

Just in the last week, 7,970 BTC (worth about $462 million) were transferred to major exchanges. These transactions, combined with the announcement of repayments to Mt. Gox creditors contributed to a market downturn that saw asset prices drop to multi-month lows. Bitcoin’s price briefly dipped below $55,000 before stabilizing in the $55,000-$56,000 range.

Also Read: Japan’s Metaplanet Buys Another Bitcoin Dip, Will The Stock Rally Continue?

Current Market Status and Reactions

As of the latest update, Bitcoin (BTC) is trading at $55,642.82, with a 24-hour trading volume of $23.4 billion. The cryptocurrency has experienced a 3.31% decline over the past day, fluctuating between $56,045.50 and $54,415.94. Bitcoin’s current market capitalization stands at $1 trillion. The open interest of bitcoin has also dropped by 2.29% with a current valuation of $15.8 Billion.

The German government’s Bitcoin sales have sparked various reactions. Justin Sun, founder of Tron, offered to purchase BTC from the German government off-market to mitigate the negative impact on spot prices. Some observers view Germany’s BTC sales as a strategic misstep that could potentially weaken the country’s geopolitical position. German lawmaker Joana Cotar has voiced opposition to these sales, urging the government to instead use these digital assets to diversify its treasury holdings.

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