Bitcoin

Impact

Arkham

You can also read this news on COINTURK NEWS: <a href="https://en.coin-turk.com/germany-sells-bitcoin-holdings-impacting-the-market/" data-wpel-link="internal">Germany Sells Bitcoin Holdings, Impacting the Market</a> 
Germany, by selling its <a href="https://en.coin-turk.com/bitcoin-price-seeks-direction-investors-eye-key-federal-reserve-interest-decision-and-these-data/" data-wpel-link="internal">Bitcoin</a> (BTC) holdings, continues to exert significant pressure on the cryptocurrency <a href="https://finance.coin-turk.com/" data-wpel-link="exclude">market</a>. According to Arkham Intelligence data, Germany still holds 29,286 BTC worth 2.161 billion dollars. This potential selling pressure accounts for 9% of Bitcoin’s 24-hour trading volume and could have a serious impact on the market. 
<h2 style="text-align: justify" id="strong-germany-s-impact-on-bitcoin-strong">Germany’s Impact on Bitcoin</h2> 
Germany started liquidating its Bitcoin holdings in mid-June. For those unaware, the source of these BTCs held by the German government is the German Federal Criminal Police Office (BKA), which conducted an operation on the operators of the privacy website Movie2k.to, last active in 2013. During the operation, 49,857 BTC were seized. Last month, 10,000 of these BTCs were liquidated, causing a sharp drop in Bitcoin’s price. 
<img loading="lazy" loading="lazy" decoding="async" class="aligncenter wp-image-368717" src="https://coin-turk.com/wp-content/uploads/2024/07/Bitcoin-Almanya.png" alt="" width="910" height="181"> 
In the last four weeks, Bitcoin’s spot price has dropped nearly 20%, falling to 55,490 dollars. According to recent data, the price has dropped by 13% in just the last seven days. 
Following the market turmoil caused by the German government’s sales, Tron founder Justin Sun took action and offered to buy the BTCs held by the German government outside of exchanges to prevent negative market impact. 
<h2 style="text-align: justify" id="strong-sales-considered-a-strategic-mistake-strong">Sales Considered a Strategic Mistake</h2> 
On the other hand, some observers consider Germany’s Bitcoin sales a strategic mistake. In Blockware Intelligence’s July 5 bulletin, it was stated, “The German government has transferred over 390 million dollars worth of Bitcoin to exchanges in recent weeks to convert to fiat currency. Geopolitically, it is a strategic mistake for a nation-state to sell Bitcoin holdings for fiat currency because fiat currencies can be easily produced, while Bitcoin is much harder to obtain due to its limited supply and the physical energy required for mining.” 
According to CoinMarketCap data, Bitcoin is trading at 55,749 dollars, down 2.57% in the last 24 hours. Recent on-chain <a href="https://newslinker.co/category/ai/" target="_blank" rel="noopener" data-wpel-link="exclude">data shows</a> that the German government transferred a total of 1,000 BTC to Coinbase and Bitstamp exchanges, with 500 BTC each. 
<h5>The post first appeared on COINTURK NEWS: <a href="https://en.coin-turk.com/germany-sells-bitcoin-holdings-impacting-the-market/" data-wpel-link="internal">Germany Sells Bitcoin Holdings, Impacting the Market</a></h5>

Germany Sells Bitcoin Holdings, Impacting the Market

Table of Contents

COINTURK NEWS

Άλλα άρθρα που δημοσιεύτηκαν στις 8 Ιουλ 2024

Attackers Shifted from DeFi to CeFi: Cyvers’ Web3 Security Report Q2 2024

Cardano Poised to Takeover as the Only Truly Decentralized Crypto Exchange, ADA Price Pump Imminent

Top Crypto Airdrops to Join

Whale Transfers 1.1 Million Pendle Tokens

Notcoin Price Prediction: NOT Defies The Crypto Crash With 2% Pump As This P2E Presale Goes Parab...

The Largest Airdrop in Play-to-Earn History: Expanding Horizons with the Game Starborn Legacy

Join our free newsletter for daily crypto updates!