Key Takeaways:
- The German government sold approximately 16,309 BTC on July 8, causing a 6.75% drop in Bitcoin’s price.
- Government Bitcoin holdings decreased from 50,000 BTC to 23,788 BTC since June.
- The market experienced $425 million in leveraged position liquidations, with Bitcoin stabilizing at $54,700.
The German government is selling off its Bitcoin holdings, with a recent $900 million sale raising concerns about downward pressure on BTC prices.
The “German Government (BKA)” wallet transferred approximately 16,309 BTC on July 8, marking its largest single-day liquidation.
UPDATE: The German Government has sent an additional 8100 BTC ($463.2M) to exchanges and market makers since our previous update – including $200M sent to Flow Traders in the past 5 minutes.
— Arkham (@ArkhamIntel) July 8, 2024
They currently hold 28,988 BTC ($1.66B). https://t.co/rMbtPagtb6 pic.twitter.com/DA5xOYwwVa
Transfers went to exchanges like Bitstamp, Coinbase, Kraken, and market makers like Flow Traders and Cumberland DRW.
This led to a sharp 6.75% drop in Bitcoin’s price during the European trading session.
The German government unloads over $900 million worth of Bitcoin.
— Gold Telegraph ⚡ (@GoldTelegraph_) July 8, 2024
Meanwhile, central banks keep loading up on gold.
Here comes the attacks.
The facts hurt. 😔
The government’s holdings have decreased from 50,000 BTC to 23,788 BTC since June.
The market saw $425 million in leveraged positions liquidated, with Bitcoin finding support at $54,700.
Simultaneously, Mt. Gox’s trustee began repaying creditors in Bitcoin and Bitcoin Cash, adding to the selling pressure.
Despite these challenges, the market remains hopeful for a price rebound.
About The Author
Efe Bravo, a seasoned journalist, delivers compelling insights into the cryptocurrency and blockchain industry.
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