Key Takeaways:
- A German government-linked cryptocurrency wallet sold $52 million worth of Bitcoin, raising concerns about a broader sell-off.
- The wallet transferred 832.7 BTC to various exchanges and an unknown wallet, potentially impacting Bitcoin’s price.
- Bitcoin’s price has dropped over 7.3% in the past month, with critical support at $61,500 threatened by further sales.
A cryptocurrency wallet linked to the German government sold $52 million worth of Bitcoin, raising suspicions of a broader sell-off.
On July 2, the wallet transferred 832.7 BTC in four transactions: 100 BTC to Coinbase, 150 BTC to Bitstamp, 32.74 BTC to Kraken, and 550 BTC to an unknown wallet “139Po,” which previously received funds from the German government.
JUST IN: 🇩🇪 German Government sends another 282 #Bitcoin worth $18 million to exchanges.
— Bitcoin Magazine (@BitcoinMagazine) July 2, 2024
Paper hands! 👀 pic.twitter.com/MCsIdWEZeR
This selling activity could exert downward pressure on Bitcoin’s price, which has been declining since early June.
Bitcoin has dropped over 7.3% in the past month, with significant support at $61,500. Further sales by the German government might threaten this support level, potentially liquidating over $1 billion in leveraged long positions.
GERMAN BITCOIN DUMPING CONTINUES – STILL HOLDS $2.7B…
— BSCN (@BSCNews) July 2, 2024
– The German government is continuing in its process of liquidating its substantial Bitcoin holdings into the market.
– Today, July 2nd, said government has sent another 282.74 $BTC, worth $17.6 million, to exchanges such… https://t.co/yeqVvOu9sp pic.twitter.com/oIL7XPClEW
The BKA wallet, holding over 43,850 BTC worth $2.75 billion, is under scrutiny for possibly causing more selling pressure.
This wallet had previously sparked concerns with a 6,500 BTC transfer worth $425 million on June 19.
About The Author
Efe Bravo, a seasoned journalist, delivers compelling insights into the cryptocurrency and blockchain industry.
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