Bitcoin

Impact

Arkham

<ul> 
 <li><strong>The German Federal Criminal Police Office continues to sell confiscated Bitcoin, though the amount sold has decreased due to liquidity issues on exchanges.</strong></li> 
 <li><strong>A significant portion of Bitcoins sent to exchanges and market makers were returned, indicating a struggle in processing large transactions.</strong></li> 
</ul>  
<h2 id="continued-pressure-on-bitcoin-markets">Continued Pressure on Bitcoin Markets</h2> 
<p>The German government’s ongoing sale of Bitcoin, initially seized by authorities from a piracy website, showcases significant challenges in the cryptocurrency market, particularly concerning liquidity on major exchanges. According to data from Arkham Intelligence, the total <a href="https://www.ethnews.com/bitcoin-spot-etfs-attract-295-million-despite-social-media-pessimism/">Bitcoin</a> holdings of the German Federal Criminal Police Office (BKA) decreased from 26,686 BTC on the morning of July 9 to 23,964 BTC by July 10, marking a substantial sell-off but also highlighting the difficulties in liquidating such large amounts.</p> 
<p>In the last 24 hours, the BKA attempted to transfer 6,306.9 <a href="https://www.ethnews.com/investors-ditch-core-core-and-bitcoin-cash-bch-in-favour-of-rollblock-rblk-with-100x-potential/">BTC</a> to various exchanges and market makers, aiming to convert these assets into fiat currency. However, a stark liquidity shortage led to 3,584.9 BTC being returned to the BKA’s address. This phenomenon underscores a critical issue on platforms like Kraken and Coinbase, where the capacity to absorb large transactions is evidently lacking.</p> 
<h2 id="impact-on-bitcoin-prices">Impact on Bitcoin Prices</h2> 
<p>Despite the government’s increased efforts to sell off its <a href="https://www.ethnews.com/u-s-economic-indicators-likely-to-influence-bitcoins-price-trajectory-in-july/">Bitcoin</a> inventory, the actual volume of sales has seen a decline. This shift comes as exchanges struggle to facilitate large orders, which has, in turn, lessened the selling pressure from the government on Bitcoin prices. Interestingly, as the amount of government-held Bitcoin decreased, the market responded positively, with Bitcoin’s price rising by 3.0% from the previous day, reaching $57,909 per unit.</p> 
<p>This recent price movement suggests that the market is beginning to adjust and stabilize despite the large volumes being introduced by governmental activities. As the government halves its <a href="https://www.ethnews.com/recent-bitcoin-rally-faces-challenge-as-german-government-liquidates-holdings/">Bitcoin</a> holdings, the reduced impact on the market could signal a new phase where Bitcoin’s price might experience less volatility from such large-scale governmental sales.</p> 
<p>This scenario presents an evolving landscape in the cryptocurrency markets, where governmental actions intersect with trading dynamics, highlighting the need for more robust liquidity solutions on major exchanges <a href="https://www.ethnews.com/cryptoquant-ceo-discusses-bitcoins-resilience-despite-recent-government-seizure-sales/">to accommodate</a> significant transactions without disrupting market stability.</p> 
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<p>The post <a href="https://www.ethnews.com/german-government-continues-bitcoin-sales-amid-exchange-liquidity-challenges/">German Government Continues Bitcoin Sales Amid Exchange Liquidity Challenges</a> appeared first on <a href="https://www.ethnews.com">ETHNews</a>.</p>

German Government Continues Bitcoin Sales Amid Exchange Liquidity Challenges

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