2024

Bitcoin

Coin

<ul>
 <li>Lookonchain reported the German government transferred 3,000 BTC out of its portfolio.</li>
 <li>1,300 units of the transferred BTC went to three centralized exchanges.</li>
 <li>The recent crypto selloff has led to a 9.11% drop in the total crypto market cap.</li>
</ul>
The German government has reportedly moved a significant amount of Bitcoin from its holdings, raising questions about its investment strategy and potentially adding to recent downward pressure on the cryptocurrency’s price.
On-chain analytics platform Lookonchain revealed that 3,000 BTC, valued at $174 million, were transferred, with a significant portion distributed among major crypto exchanges Bitstamp, Coinbase, and Kraken. The latest transfer leaves the government with 40,359 Bitcoins, equivalent to $2.33 billion in its holdings.
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 The German Government transferred 3,000 <a href="https://twitter.com/search?q=%24BTC&amp;src=ctag&amp;ref_src=twsrc%5Etfw" target="_blank" rel="noopener noreferrer nofollow">$BTC</a>($174M) out again, of which 1,300 <a href="https://twitter.com/search?q=%24BTC&amp;src=ctag&amp;ref_src=twsrc%5Etfw" target="_blank" rel="noopener noreferrer nofollow">$BTC</a>($75.5M) was transferred to <a href="https://twitter.com/hashtag/Bitstamp?src=hash&amp;ref_src=twsrc%5Etfw" target="_blank" rel="noopener noreferrer nofollow">#Bitstamp</a>, <a href="https://twitter.com/hashtag/Coinbase?src=hash&amp;ref_src=twsrc%5Etfw" target="_blank" rel="noopener noreferrer nofollow">#Coinbase</a> and <a href="https://twitter.com/hashtag/Kraken?src=hash&amp;ref_src=twsrc%5Etfw" target="_blank" rel="noopener noreferrer nofollow">#Kraken</a>. German Government currently holds 40,359 <a href="https://twitter.com/search?q=%24BTC&amp;src=ctag&amp;ref_src=twsrc%5Etfw" target="_blank" rel="noopener noreferrer nofollow">$BTC</a>($2.33B).<a href="https://t.co/x0aJljKn2C" target="_blank" rel="noopener noreferrer nofollow">https://t.co/x0aJljKn2C</a> <a href="https://t.co/Bk6oDEmGOa" target="_blank" rel="noopener noreferrer nofollow">pic.twitter.com/Bk6oDEmGOa</a>— Lookonchain (@lookonchain) <a href="https://twitter.com/lookonchain/status/1808793462575411233?ref_src=twsrc%5Etfw" target="_blank" rel="noopener noreferrer nofollow">July 4, 2024</a>
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Lookonchain’s latest report detailed the series of Bitcoin transfers linked to the German governm…
The post <a href="https://coinedition.com/bitcoin-price-plunge-german-governments-btc-sell-off-adds-to-market-woes/" rel="noopener noreferrer nofollow">Bitcoin Price Plunge: German Government’s BTC Sell-Off Adds to Market Woes</a> appeared first on <a href="https://coinedition.com" rel="noopener noreferrer nofollow">Coin Edition</a>.

Bitcoin Price Plunge: German Government’s BTC Sell-Off Adds to Market Woes

Coin Edition

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