Flow

Bitcoin

Silk Road

Arkham

According to Arkham Intelligence, the German government moved another 1000 BTC on July 8th, with a significant amount deposited to Coinbase and Bitstamp.&nbsp; Germany’s Bitcoin sell-off comes at a dire time in the crypto market, causing uncertainty and significant price fluctuations. The country’s remaining BTC reserves hold about 35,400 BTC worth approximately $2.04 billion.
Germany started selling off its BTC holdings seized from illegal activities on June 19th, reaching approximately 9000 BTC, worth over $500 million. The sell-off has raised questions within the crypto community, with many believing the country will regret the decision. The sell-off has also attracted a string of ridicule from the online community.&nbsp;
Also Read: <a href="https://www.cryptopolitan.com/justin-sun-ridicule-germanys-sell-btc/" rel="noopener noreferrer nofollow">Justin Sun ridicules Germany’s Bitcoin sell-off after UEFA Euro knockout</a>&nbsp;
Tron’s founder, Justin Sun, made fun of the country’s decision on July 6, saying Germany’s massive BTC sell-off was the reason behind its loss to Spain in the 2024 UEFA Euro quarter-finals. Later, Justin offered to buy all of Germany’s remaining BTC holdings to reduce the impact of the outflows on the crypto market.&nbsp;
Since June 19th, BTC prices have dropped by over 12%, trading at $57,200 at the time of writing. While the prices recovered late last week, BTC and the overall crypto market prices are still down compared to the previous week. Bitcoin is down by 8.83%, ETH by 11.9%, SOL by 3.622%, and XRP by 8.77%. However, the 24-hour price change for most cryptocurrencies, including BTC and ETH, is positive.&nbsp;
<h2 id="span-style-font-weight-400-german-politician-asks-the-government-to-reconsider-span">German politician asks the government to reconsider</h2>
<blockquote class="twitter-tweet" data-width="550" data-dnt="true">
 Die dt. Presse greift es auf:
 "Laut Cotar solle Sachsen die Krypto-Währung lieber halten, statt zu verkaufen und „eine umfassende <a href="https://twitter.com/hashtag/Bitcoin?src=hash&amp;ref_src=twsrc%5Etfw" rel="noopener noreferrer nofollow" target="_blank">#Bitcoin</a>-Strategie entwickeln.“ Auch Anleger sind sauer u. bewerten den aktuellen Verkauf als „dumm“ oder „kurzsichtig“.<a href="https://t.co/oIcPcrsW1d" rel="noopener noreferrer nofollow" target="_blank">https://t.co/oIcPcrsW1d</a>
 — Joana Cotar (@JoanaCotar) <a href="https://twitter.com/JoanaCotar/status/1810195671590326515?ref_src=twsrc%5Etfw" rel="noopener noreferrer nofollow" target="_blank">July 8, 2024</a>
</blockquote>
<script async src="https://platform.twitter.com/widgets.js" charset="utf-8"></script>
Independent Member of Parliament Joana Cotar requested the German government to reconsider the current sell-off. Joana expressed her worry about the government selling its BTC reserves without having a proper strategy.
Joana also<a href="https://www.forbes.com/sites/digital-assets/2024/07/07/german-lawmaker-demands-strategic-overhaul-amid-bitcoin-sell-off-chaos/" rel="noopener noreferrer nofollow" target="_blank"> mentioned</a> that she would be speculating if she said she knew the reason why the country was liquidating its assets. She assumed that the upcoming elections could have influenced the current decision.
However, Joana insisted that the German government does not understand the depth and consequences of its decisions. She said that while Germany liquidates its BTC reserves, investors, including those on Wall Street, are buying the dip.
<blockquote>
 “It is really frustrating to have to watch politicians who have no idea about the matter squander a great opportunity,”
 <a href="https://www.forbes.com/sites/digital-assets/2024/07/07/german-lawmaker-demands-strategic-overhaul-amid-bitcoin-sell-off-chaos/" rel="noopener noreferrer nofollow" target="_blank">Joana Cotar on Forbes</a>
</blockquote>
In a July 4 tweet, Joana <a href="https://x.com/JoanaCotar/status/1808888782738911614?ref_src=twsrc%5Etfw%7Ctwcamp%5Etweetembed%7Ctwterm%5E1808888782738911614%7Ctwgr%5E75b647cd42d0c45f253c0030f7134424ceaffe98%7Ctwcon%5Es1_&amp;ref_url=https%3A%2F%2Fembedly.forbes.com%2Fwidgets%2Fmedia.html%3Ftype%3Dtext2Fhtmlkey%3D3ce26dc7e3454db5820ba084d28b4935schema%3Dtwitterurl%3Dhttps3A%2F%2Fx.com%2FJoanaCotar%2Fstatus%2F1808888782738911614image%3D" rel="noopener noreferrer nofollow" target="_blank">expressed</a> her frustrations to the government after asking multiple key figures to reconsider and strategize the sell-offs. She encouraged them to join her and Excellion’s Samson Mow in a lecture on October 17, discussing strategies states can use to leverage BTC.
Also Read: <a href="https://www.cryptopolitan.com/metaplanet-authorize-btc-purchases/" rel="noopener noreferrer nofollow">Metaplanet Inc. directors authorize BTC purchases worth ¥1 billion using bond proceeds</a>&nbsp;
She mentioned that countries like the U.S. are discussing how to use BTC as a strategic reserve. However, the U.S. Department of Justice <a href="https://x.com/Godex_AI/status/1775374476013932952" rel="noopener noreferrer nofollow" target="_blank">moved</a> approximately $2 billion in BTC seized from the Silk Road marketplace in April. Silk Road facilitated the exchange of multiple illegal goods, including stolen personal information, drugs, and weapons.&nbsp;
<h2 id="span-style-font-weight-400-uncertainty-spreads-as-germany-buys-back-btc-span">Uncertainty spreads as Germany buys back BTC</h2>
<blockquote class="twitter-tweet" data-width="550" data-dnt="true">
 Update: German Government BTC Movements
 German Government wallets received 1915 BTC ($111.5M) last night back from addresses linked to Kraken, Bitstamp and Coinbase.
 1047.4 BTC ($57.2M) has been moved out of their wallets this morning: -547.4 BTC ($30.1M) to Flow Traders -500… <a href="https://t.co/e6ARrAh4Td" rel="noopener noreferrer nofollow" target="_blank">pic.twitter.com/e6ARrAh4Td</a>
 — Arkham (@ArkhamIntel) <a href="https://twitter.com/ArkhamIntel/status/1809194916842512894?ref_src=twsrc%5Etfw" rel="noopener noreferrer nofollow" target="_blank">July 5, 2024</a>
</blockquote>
<script async src="https://platform.twitter.com/widgets.js" charset="utf-8"></script>
In a dramatic turn of events, Arkham Intelligence data showed that Germany bought back 1915 BTC, confusing many in the crypto community. The German government purchased the BTC worth approximately $111 million from Bitstamp, Kraken, and Coinbase.
Several tweets speculated on what might have happened, with some expecting the government to sell its OTC assets. Others <a href="https://x.com/chadxbt/status/1809195234850643976" rel="noopener noreferrer nofollow" target="_blank">hoped</a> the country would change its strategy and stop the heavy BTC sales.
Cryptopolitan reporting by Collins J. Okoth

Germany transfers another 1000 BTC, markets suffer negative hit

Table of Contents

Cryptopolitan_News

Alte articole publicate pe 9 iul. 2024

Sovereign Nature Initiative Launches DOTphin on Polkadot to Create Positive Environmental Impact ...

Why Bitcoin Has A 79% Chance Bitcoin To Dip Below $50K This Year

What is Wing Finance Coin?

Bitcoin, Ethereum And Other Crypto-related Thefts Soar To $1.38B In First Half Of 2024, Almost Do...

Cryptocurrency Arbitrum Up More Than 4% In 24 hours

TON Gonna Explode with Polygon

Join our free newsletter for daily crypto updates!