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<p>The <strong>German </strong>government went on with its plan of selling confiscated <strong>cryptocurrencies</strong>. They moved large amounts of <strong>Bitcoin</strong> to different exchanges and wallets on Thursday. The move could have significantly affected <strong><a href="https://www.thecoinrepublic.com/2024/07/11/microstrategy-stock-split-announcement-to-trigger-btc-rally/">Bitcoin price</a></strong>. </p> 
<p>As per the data received from Arkham Intelligence, the authority traded a total of 10,627 Bitcoins with the value of approximately $615.3 million. The trading was continuous and spread throughout the day in different time zones, affecting Bitcoin price. </p> 
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   <p lang="en" dir="ltr">JUST IN: The German Government just sent another 3250 BTC ($191.02M) to Cumberland, Coinbase, Bitstamp, Kraken, 139Po (likely institutional deposit/OTC service), and address bc1qu.<br><br>So far today, they have transferred a total of 5627 BTC ($328.89M) to market makers and exchanges.… <a href="https://t.co/DjCzVtqaCU">pic.twitter.com/DjCzVtqaCU</a></p>— Arkham (@ArkhamIntel) <a href="https://twitter.com/ArkhamIntel/status/1811376763554902085?ref_src=twsrc%5Etfw">July 11, 2024</a>
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<h2 class="wp-block-heading" id="h-detailed-transaction-overview"><strong>Detailed Transaction Overview</strong></h2> 
<p>The initial batch of transactions occurred at 7:51 am UTC, where 375 Bitcoins, each valued at around $21.8 million, were sent to 3 major <strong>cryptocurrency exchanges</strong>. Among the platforms, Bitstamp, Kraken, and Coinbase are among the most popular ones.&nbsp;</p> 
<p>This was followed by a transfer of 1,000 Bitcoins, worth approximately $581 million. It was to a wallet identified by <strong>Arkham</strong> as belonging to B2C2 Group. Another 250 Bitcoins, valued at $145 million, to a presumed over-the-counter (OTC) service institutional deposit address labeled “bc1qu.”</p> 
<p>Another 152 BTC was sent at around 10:06 am UTC, and this time the amount transferred was worth approximately $89 million, to Cumberland DRW, a crypto market maker. This was again succeeded by another 100 <strong>Bitcoins</strong> sent to the same firm one hour after the first transaction. </p> 
<p>Other transactions done before midday were; 1,500 bitcoins ($882 million) to B2C2 Group. While another 1,000 BTC were sent to Bitstamp, Coinbase, and Kraken in different amounts.</p> 
<h2 class="wp-block-heading" id="h-continued-impact-on-bitcoin-price"><strong>Continued Impact on Bitcoin Price</strong></h2> 
<p>Although the liquidations occurred on a large scale, the Bitcoin price has not been affected much. Bitcoin price oscillated slightly but was generally stable at about $57,700, with a minor daily decline of 0.3%. This stability comes in the face of what could have been a major market event given the size of BTC sent.</p> 
<p>At the end of the day, German government’s holding was brought down to around 4,925 Bitcoin. This holding is still worth more than $283 million in the present time. This is a drastic reduction from the 50,000 Bitcoins the government initially claimed to have seized. They got the BTC from a movie piracy website.</p> 
<h2 class="wp-block-heading" id="h-market-outlook-and-future-transactions"><strong>Market Outlook and Future Transactions</strong></h2> 
<p>The market is still observing the actions of the German government as these transactions are just a part of all the assets that will be sold, more activities might challenge the stability of Bitcoin’s price.</p> 
<p>Market participants might expect that the government may be ready for more transfers and sales in the future and therefore may expect effects on the price of Bitcoin.</p> 
<p>This ongoing strategy follows a pattern whereby government actions in the cryptocurrency sector have considerable ripple effects across markets, which further highlights the interconnected of financial systems and digital assets.</p> 
<p>The post <a href="https://www.thecoinrepublic.com/2024/07/11/bitcoin-price-germany-offloads-615-million-worth-btc/">Bitcoin Price Unstable: Germany Offloads $615 Million Worth BTC</a> appeared first on <a href="https://www.thecoinrepublic.com">The Coin Republic</a>.</p>

Bitcoin Price Unstable: Germany Offloads $615 Million Worth BTC

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Thecoinrepublic.com

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