German Government Dumps $350 Million More in Bitcoin, Triggering Price Dip
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- German authorities aggressively sell 5,853 BTC worth $350 million in hours.
- Bitcoin’s market value drops to $58,667.97 amid the liquidation.
- Germany’s Bitcoin wallet now holds 18,110 BTC, potentially easing bearish pressure.
German authorities resumed selling Bitcoin on July 10, but this time more aggressively. Data from Arkham Intelligence reveals nine transactions have offloaded 5,853.489 BTC, valued at approximately $350 million, within hours.
This latest round of liquidation is occurring through exchanges such as Kraken, which received 750 BTC; Coinbase, which received 500 BTC; and market maker Cumberland, which received 536.108 tokens. Concurrently, Flow Traders acquired 1,112.281 tokens, while OTC entity “139Po” received 2,250 Bitcoins from the German government.
This renewed sale comes as the crypto market experiences a reprieve from the recent downturn, which saw Bitcoin plunge to around $53,000. Earlier today, Bitcoin reached a daily high of $59,416 amidst remarks by U.S. Fed chairman Jerome Powell regarding economic inflation.
However, as the German government moves Bitcoin for liquidation, BTC’s value has fallen to $58,667.97 at press tim…
The post German Government Dumps $350 Million More in Bitcoin, Triggering Price Dip appeared first on Coin Edition.
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