Bitcoin

The German government has continued its Bitcoin divestment, transferring an additional 400 BTC to major cryptocurrency exchanges. This is part of an ongoing series of sell-offs from an address linked to German authorities. Over the past few days, more than 2,500 BTC have been sold from this address, coinciding with current market tensions. The persistent nature of these sales indicates that the German government may not have concluded its Bitcoin liquidation efforts. 
<h2 id="german-government-s-bitcoin-sell-off">German Government’s Bitcoin Sell-Off</h2> 
According to Arkham, the <a href="https://coingape.com/tag/germany/" target="_blank" rel="noopener">German government</a> transferred 400 BTC to Bitstamp, Coinbase, and Kraken at 16:25 UTC+8, valued at approximately $25.28 million. This follows a pattern of transfers over the previous two weeks, totaling more than 2,700 BTC sent to centralized exchanges. The latest transfer saw Kraken and <a href="https://coingape.com/tag/coinbase/" target="_blank" rel="noopener">Coinbase</a> each receiving 100 BTC, while <a href="https://coingape.com/tag/bitstamp/" target="_blank" rel="noopener">Bitstamp</a> received the largest portion of 200 BTC. 
<img decoding="async" class="aligncenter wp-image-205262" src="https://coingape.com/wp-content/uploads/2024/07/Screenshot-755.png" alt="" width="469" height="369" srcset="https://coingape.com/wp-content/uploads/2024/07/Screenshot-755.png 678w, https://coingape.com/wp-content/uploads/2024/07/Screenshot-755-300x236.png 300w, https://coingape.com/wp-content/uploads/2024/07/Screenshot-755-150x118.png 150w" sizes="(max-width: 469px) 100vw, 469px"> 
These transactions occurred in three notable batches: an initial <a href="https://coingape.com/bitcoin-whale-activity-germanys-3-billion-btc-holdings-on-radar/" target="_blank" rel="noopener">1,700 BTC</a> worth $110 million, followed by <a href="https://coingape.com/germany-govt-dumps-400-btc-to-coinbase-and-kraken/" target="_blank" rel="noopener">400 BTC</a> valued at $24.34 million, and <a href="https://coingape.com/german-govt-moves-another-595m-btc-to-crypto-exchanges/" target="_blank" rel="noopener">595 BTC</a> worth about $36.5 million prior to the most recent transaction. Despite these sell-offs, Germany’s Bitcoin holdings have appreciated significantly, now valued at $2.8 billion, including $961 million in unrealized profit. While some analysts have suggested these government sales as a factor in recent market volatility, the overall impact remains uncertain due to other influential market forces. 
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<h2 id="bitcoin-market-performance">Bitcoin Market Performance</h2> 
Despite the German government’s sell-off, <a href="https://coingape.com/price/bitcoin/" target="_blank" rel="noopener">Bitcoin’s price</a> has demonstrated resilience, surging above $62,000. At the time of reporting, Bitcoin’s live price stands at $62,868.28, with a 24-hour trading volume of $23.8 billion. The open interest in Bitcoin has increased by 1.56%, reaching a valuation of $18.4 billion. 
<img decoding="async" class="aligncenter wp-image-205264" src="https://coingape.com/wp-content/uploads/2024/07/Screenshot-754.png" alt="" width="580" height="326" srcset="https://coingape.com/wp-content/uploads/2024/07/Screenshot-754.png 1366w, https://coingape.com/wp-content/uploads/2024/07/Screenshot-754-300x169.png 300w, https://coingape.com/wp-content/uploads/2024/07/Screenshot-754-1224x688.png 1224w, https://coingape.com/wp-content/uploads/2024/07/Screenshot-754-768x432.png 768w, https://coingape.com/wp-content/uploads/2024/07/Screenshot-754-678x381.png 678w, https://coingape.com/wp-content/uploads/2024/07/Screenshot-754-150x84.png 150w" sizes="(max-width: 580px) 100vw, 580px"> 
Bitcoin’s Relative Strength Index (RSI) is currently at 58.3, slightly below the 50 RSI zone, indicating strong buying pressure. The cryptocurrency has seen a 2.29% increase in the last 24 hours, trading between $63,747.23 and $62,545.85. Bitcoin’s current market capitalization is approximately $1.2 trillion, reflecting its continued dominance in the cryptocurrency market despite recent sell-offs. 
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The post <a href="https://coingape.com/breaking-german-govt-dumps-400-btc-to-major-exchanges-transfer-spree-continues/">Breaking: German Govt Dumps 400 BTC To Major Exchanges, Transfer Spree Continues</a> appeared first on <a href="https://coingape.com">CoinGape</a>.

Breaking: German Govt Dumps 400 BTC To Major Exchanges, Transfer Spree Continues

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