The price of Bitcoin has crashed again as the German government continues its BTC selling spree. The government has already sold millions of dollars worth of Bitcoin enormous pressure on the pioneer cryptocurrency amid broader market volatility.
German government initiates massive BTC sell-off
Bitcoin’s consistent price decline has been caused by multiple factors, including outflows from Spot Bitcoin ETFs, adverse market conditions and Mount Gox’s BTC redistribution plans. Recently, the price of the cryptocurrency has come under further pressure due to the significant sell-off of BTC carried out by the German government.
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Germany has been doing that for weeks 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 moved 400 BTC to Coinbase and Kraken and transferred the rest to an unknown address.
In addition, the German government took a position last week executed another major Bitcoin sell-off, transferring as much as 3,000 BTC, worth about $172 million, to exchanges. The government moved 1,300 BTC to Kraken, Bitstamp and Coinbase and sold the rest to an unknown wallet address.
The most recent BTC transaction took place on Monday, June 8, when German police sold another 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 address bc1qu.
At the time of writing, the German government still owns a staggering amount of Bitcoin. Arkhams facts has revealed that the government holds 26,053 BTC, worth approximately $1.49 billion.
In spite of the The recent crash of BTCThe German government continues to sell Bitcoin their BTC shares at a rapid pace. Joanna Cotar, member of the German Bundestag, the national parliament of the Federal Republic of Germany, has expressed her displeasure at the government’s decision to sell their BTC holdings.
Cotar revealed that the government should strategically hold BTC and not sell it. She revealed that their recent sell-off of BTC was counterproductive and ill-advised, and urged the government to use their BTC as a strategic reserve currency.
Bitcoin price update after crash
Last week, The price of Bitcoin fell by a significant 8.71%, after crashing by 17.10% in the past month. This decline is attributed to continued selling pressure and recent bearish trends in the crypto market.
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Since early June, Bitcoin price movements have changed weakness and underperformance considerable. Despite inflows into Spot Bitcoin ETFs, Bitcoin remained volatile below the $60,000 price line, showing minor upside momentum.
Including the The German government’s sell-off of BTCcrypto analyst Ali Martinez also revealed in a X message that Bitcoin whales have sold more than 30,000 BTC worth about $1.8 billion in the past month. This 30,000 BTC sale tops the The German government’s current Bitcoin holdings has significantly contributed to Bitcoin’s decline to its current price of $57,039, according to CoinMarketCap.
Featured image created with Dall.E, chart from Tradingview.com