Greed

Bitcoin

Arkham

<p style="text-align: justify">You can also read this news on BH NEWS: <a href="https://en.bitcoinhaber.net/german-government-sells-bitcoin-holdings-2" data-wpel-link="internal" rel="noopener noreferrer nofollow">German Government Sells Bitcoin Holdings</a><br></p>
<p style="text-align: justify">The German government has officially liquidated its remaining <a href="https://en.bitcoinhaber.net/bitcoin-soars-past-48000-benchmark-as-market-optimism-grows" data-wpel-link="internal" rel="noopener noreferrer nofollow">Bitcoin</a> assets, according to Arkham Intelligence. A wallet linked to Genesis Trading initiated movements of Bitcoin to Coinbase, signaling potential asset sales. This comes as Bitcoin’s market sentiment hits extreme fear, the lowest since January of the previous year, influenced by the sector’s ongoing recovery from FTX’s bankruptcy.</p>
<h2 id="how-did-the-government-s-bitcoin-sale-end">How Did the Government’s Bitcoin Sale End?</h2>
<p style="text-align: justify">As of July 12, the German government concluded its Bitcoin liquidation efforts. Arkham Intelligence reported that the final 3,846.05 Bitcoin were sold on this date, capping off a three-week spree that likely saw over $2 billion worth of Bitcoin sold via Coinbase, Kraken, and Bitstamp. This selling activity is attributed to the recent decline in Bitcoin’s value, which plummeted from around $71,000 to below $58,000 since early June.</p>
<p style="text-align: justify">Despite these sales, not all government officials were on board. German MP and Bitcoin advocate Joana Cotar suggested that the seized Bitcoin could have been strategically retained as a reserve currency to mitigate risks within the traditional financial system.</p>
<h2 id="why-is-this-significant-for-genesis-trading">Why Is This Significant for Genesis Trading?</h2>
<p style="text-align: justify">A wallet associated with Genesis Trading transferred approximately $720 million in Bitcoin to Coinbase last month, suggesting the onset of asset liquidations. The wallet, labeled as Genesis Trading, moved over 12,600 Bitcoin valued at $719.9 million through transactions primarily ranging from 500 to 700 Bitcoin. Currently, the address holds 33,356 Bitcoin, down from over 46,000 Bitcoin as of June 12.</p>
<p style="text-align: justify">These transactions came two months after a settlement with the New York State Attorney General’s office, which required Genesis to pay $2 billion to <a href="https://finance.coin-turk.com/" rel="noopener noreferrer nofollow" target="_blank" data-wpel-link="exclude">investors</a> affected by its Earn program.</p>
<h2 id="what-does-market-sentiment-indicate">What Does Market Sentiment Indicate?</h2>
<p style="text-align: justify">The Crypto Fear and Greed Index, a barometer of market sentiment toward Bitcoin and cryptocurrency, has fallen to extreme fear, its lowest point since January of the previous year. This decline corresponds with Bitcoin’s struggle to break the $60,000 mark. Analyst Justin Bennett highlighted a potential rising wedge formation, hinting at further price drops.</p>
<h2 id="key-insights-for-investors">Key Insights for Investors</h2>
<p style="text-align: justify">Investors can glean the following insights from <a href="https://newslinker.co" target="_blank" rel="noopener noreferrer nofollow" data-wpel-link="exclude">recent developments</a>:</p>
<ul>
 <li>Government sales can significantly impact cryptocurrency prices.</li>
 <li>Not all stakeholders may support large-scale liquidations.</li>
 <li>Market sentiment indices like the Crypto Fear and Greed Index can be crucial in predicting price movements.</li>
</ul>
<p style="text-align: justify">These factors underscore the importance of closely monitoring both governmental actions and market sentiment indicators for more informed investment decisions.</p>
<h5><span style="font-weight:bold;font-size:16px">The post first appeared on BH NEWS: </span> <a href="https://en.bitcoinhaber.net/german-government-sells-bitcoin-holdings-2" data-wpel-link="internal" rel="noopener noreferrer nofollow">German Government Sells Bitcoin Holdings</a></h5>

German Government Sells Bitcoin Holdings

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