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> 
<div class="cryptoboxes" id="mcw-12344" data-realtime="on">
 <div class="mcw-chart mcw-chart-light" data-font="inherit" data-chartcoin="BTC" data-chartcurrency="USD" data-chartrate="1.000268" data-charttype="chart" data-chartview="day" data-charttheme="light" data-chartsmooth="true" data-chartareacolor="" data-chartbgcolor=""></div>
</div> 
<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

Innholdsfortegnelse

ETHNews

Andre artikler publisert på 10. juli 2024

Qubetics Whitelist Offers Price Advantage as Investors Move Away from Luna and Litecoin

Michael Saylor Made A Prediction About The iPad 12 Years Ago When Tablets Were In Their Infancy, ...

Bitcoin ETFs Attract Significant Investments

Crypto: Ethereum Facing a Critical Resistance

German gov’t $354M BTC sell-off: Yet more volatility incoming?

China’s insurance giant teams with Swiss crypto bank

Bli med på vårt gratis nyhetsbrev for daglige kryptooppdateringer!