Bitcoin

The German government has begun selling off Bitcoin, transferring nearly 4,900 BTC to crypto market maker Cumberland and exchanges like Coinbase, Bitstamp, and Kraken. This latest move brings the total amount of Bitcoin sold today to over 4,837 BTC.JOIN CRYPTOS HEADLINES<a href="https://t.me/CryptosHeadlines" rel="noopener noreferrer nofollow">TELEGRAM CHANNEL</a><img src="https://academy-public.coinmarketcap.com/optimized-uploads/112f67109768418e8df142c38a8bd8c2.svg&#43;xml" />The massive selloff has contributed to Bitcoin’s price dropping to $53,000 and is likely to keep driving prices down, increasing panic in the crypto market.<img src="https://academy-public.coinmarketcap.com/optimized-uploads/aa961eeb639f4fff9dc1749d58aeb1a7.png" /><h3 id="german-government-transfers-bitcoin-sparking-market-panic">German Government Transfers Bitcoin, Sparking Market Panic</h3>On July 8, 2024, the German government transferred 133.723 BTC, worth nearly $7.63 million, to crypto market maker Cumberland DRW, according to on-chain data from <a href="https://platform.arkhamintelligence.com/explorer/entity/germany" rel="noopener noreferrer nofollow">Arkham</a>. This transfer included an initial small amount of 0.001 BTC, likely as a test, with plans for larger transfers in the future.The German government’s wallet address (BKA) has dumped and transferred over 4,837 BTC to crypto exchanges like Coinbase, Bitstamp, and Kraken, as well as other wallet addresses beginning with 139PoP and bc1qu3. Despite these sales, the government still <a href="https://cryptosheadlines.com/arkham-reveals-second-largest-btc-holdings-worldwide-in-grayscale-trust/" rel="noopener noreferrer nofollow">holds 35,488 BTC</a>, valued at approximately $2.03 billion.These transfers have triggered a panic selloff among investors, leading to a bearish <a href="https://cryptosheadlines.com/bitcoin-witnessing-third-week-of-outflows-suggesting-negative-market-sentiment/" rel="noopener noreferrer nofollow">market sentiment</a>. The recent activity is part of a broader trend, suggesting further selloffs to Cumberland DRW could occur in the coming days. Since July 1, the <a href="https://cryptosheadlines.com/german-government-sells-700-btc-stopping-bitcoins-rebound/" rel="noopener noreferrer nofollow">German government has moved 6.37K BTC</a>, valued at around $494.45 million, reducing its holdings from $2.81 billion to $2.32 billion.<h3 id="bitcoin-price-update-recovery-and-market-dynamics">Bitcoin Price Update: Recovery and Market Dynamics</h3>Bitcoin (BTC) has recovered 5% from its 24-hour low of $54,321, currently trading at $56,972 after reaching an intraday high of $58,178. Despite this rebound, the price has faced pressure due to recent selloffs by the German government, which transferred BTC to crypto market makers and exchanges.<a href="https://cryptosheadlines.com/chainlink-link-bearish-as-sellers-dominate/" rel="noopener noreferrer nofollow">Also Read: Chainlink (LINK) Bearish as Sellers Dominate</a>In the last 24 hours, trading volume has surged by 58%, reflecting increased interest among traders. Moving forward, traders should monitor the $58K-$60K range closely, as sellers are expected to strongly defend this zone.<img src="https://academy-public.coinmarketcap.com/optimized-uploads/aa961eeb639f4fff9dc1749d58aeb1a7.png" /><img src="https://academy-public.coinmarketcap.com/optimized-uploads/94840460bf024b00baa4a1fbda815e45.png" />Important: Please note that this article is only meant to provide information and should not be taken as legal, tax, investment, financial, or any other type of advice.

Bitcoin Falls After German Government Moves 4900 BTC

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