Flow

Bitcoin

Arkham

Germany has lost its Bitcoin billionaire status after its most recent Bitcoin transfers to centralized exchanges and external wallets. According to Arkham Intelligence, the German government’s address now has less than 10,000 BTC worth $580 million. 
Also Read: <a href="https://www.cryptopolitan.com/bitcoin-primed-for-breakout-selling-pressure/">Bitcoin is primed for a breakout in spite of selling pressure</a> 
Over the past 48 hours, the German authorities have transferred more than 10,000 BTC in what appears to be a race to sell off all its holdings. However, the market seems to be adjusting to the sales as it did not affect the BTC price, which rose by 2% in the last 24 hours. 
<h3 id="germany-moves-over-15-000-btc">Germany moves over 15,000 BTC</h3> 
Recent transactions from an address labeled German government (BKA) show that it moved around 4,000 BTC worth around $236 million on July 11 alone. This follows its transfer of 10,853 BTC, worth around $626 million, on July 10. 
These funds went to various entities, including centralized exchanges, crypto market makers, and over-the-counter (OTC) traders. Per Arkham data, the recipients of the BTC include Coinbase, Kraken, and Bitstamp exchanges. Some were also sent to addresses linked to digital assets firms and market makers such as UK-based B2C2, Cumberland DRW, and Flow Traders. 
<figure id="attachment_554041" aria-describedby="caption-attachment-554041" style="width: 100%" class="wp-caption aligncenter">
 <img loading="lazy" decoding="async" class="size-full wp-image-554041" src="https://www.cryptopolitan.com/wp-content/uploads/2024/07/GSNMW-DWAAAXb81-1.jpeg" alt="Germany Bitcoin" width="1920" height="1074" srcset="https://www.cryptopolitan.com/wp-content/uploads/2024/07/GSNMW-DWAAAXb81-1.jpeg 1920w, https://www.cryptopolitan.com/wp-content/uploads/2024/07/GSNMW-DWAAAXb81-1-300x168.jpeg 300w, https://www.cryptopolitan.com/wp-content/uploads/2024/07/GSNMW-DWAAAXb81-1-1200x671.jpeg 1200w, https://www.cryptopolitan.com/wp-content/uploads/2024/07/GSNMW-DWAAAXb81-1-768x430.jpeg 768w, https://www.cryptopolitan.com/wp-content/uploads/2024/07/GSNMW-DWAAAXb81-1-1536x859.jpeg 1536w" sizes="(max-width: 1920px) 100vw, 1920px">
 <figcaption id="caption-attachment-554041" class="wp-caption-text">
 Germany Bitcoin Holdings (Source: Arkham)
 </figcaption>
</figure> 
Despite the massive sell-offs and transfers over the last two days,&nbsp; BTC looks to be on the path to recovery. According to CoinMarketCap, its price increased 2% in the previous 24 hours, reaching $59,387. These gains are likely due to the better-than-expected news that the consumer price index (CPI) only increased by 3%, a sign that inflation is coming down and rates could go down too. 
<h3 id="the-selling-spree-might-not-be-over">The selling spree might not be over</h3> 
Meanwhile, the Bitcoin sale has attracted criticism from multiple fronts, including within the country. Joana Cotar, a member of the German Bundestag, has <a href="https://x.com/JoanaCotar/status/1808888782738911614" rel="nofollow" target="_blank">criticized</a> the sale. She described it as counterproductive and said the government should hold it as a strategic reserve currency instead. 
Also Read: <a href="https://www.cryptopolitan.com/germany-move-bitcoin/">Germany’s movement of over $400 million in Bitcoin sparks sell-off concerns</a> 
Many in the crypto community share this view, with some describing the sale as evidence that politicians are not wise. Others <a href="https://x.com/Vivek4real_/status/1810660917941592235?" rel="nofollow" target="_blank">note</a> that the government is selling scarce resources for money that can be printed “out of thin air.” 
Nevertheless, these criticisms are unlikely to prevent the government from selling all of the Bitcoin. Besides, it is possible that they are being directed at the wrong authorities. According to <a href="https://x.com/samirtabar/status/1810947229164663219?s=46" rel="nofollow" target="_blank">reports</a>, Saxony, one of the states in eastern Germany, confiscated the Bitcoin in January. 
Samir Tabar, the CEO of Bit Digital, <a href="https://x.com/samirtabar/status/1810947229164663219?s=46" rel="nofollow" target="_blank">said</a>: 
<blockquote> 
 “Germany selling bitcoin is fake news. It’s not Germany that’s been selling, but a tiny German state called Saxony. The state confiscated almost 50,000 BTC and has been selling its holdings as per standard practice for any assets seized during criminal investigations.” 
</blockquote> 
However, some experts believe that the current price struggles for BTC are not necessarily due to the German government’s sell-offs. Dr. Jan Wustenfeld, the lead researcher at Melanion GreenTech, <a href="https://x.com/janwues/status/1811118153776189665?s=46" rel="nofollow" target="_blank">noted</a> that available data shows that sales are not responsible for this because BTC price drawdowns are more evident during US and Asian trading hours than European trading hours.

Germany loses Bitcoin billionaire status, now holds less than 10k BTC

Inhoudsopgave

Cryptopolitan_News

Andere artikelen gepubliceerd op 11 jul 2024

Altcoins Experts Buying Right Now: Will They Outperform the Whole Market This Summer?

US CPI Data: Gold and Crypto Markets Expect Upswing

Best Emerging Crypto Projects for July 2024

Transforming the Landscape: Public Masterpiece Redefines Real World Asset Tokenization

Ethereum Reclaims $3,000: Eyes on $3,200 Resistance and Potential ETF Boost

FDIC nominee Goldsmith Romero says banks can custody digital assets

Meld je aan voor onze gratis nieuwsbrief voor dagelijkse crypto-updates!