German Govt Moves Another 595M BTC to Crypto Exchange

German Govt Moves Another 595M BTC to Crypto Exchange

The German government has continued its Bitcoin selloff, transferring another 595 BTC to major cryptocurrency exchanges. This move is part of a series of recent sell-offs from an address associated with the German authorities.

In total, over 2,000 BTC have been sold from this address in the past few days, occurring amid current market tensions. The persistent nature of these sales suggests that the German government may not be finished liquidating its Bitcoin holdings.

German Government’s Bitcoin Selloff Continues

PeckShield, a blockchain security company, reported that the address marked as “German Government” moved 750 BTC (valued at approximately $46 million) in a recent transaction. The bulk of this transfer, 595 BTC worth about $36.5 million, was distributed among major exchanges.

Bitstamp and Kraken each received 125 BTC, while Flow Traders, a global trading firm, received the largest portion of 345 BTC. Kraken appears to be a preferred exchange for these transfers, as it also received 200 BTC in yesterday’s 400 BTC sell-off.

Despite these sell-offs, Germany’s Bitcoin holdings have significantly appreciated, now valued at $2.76 billion, including $1.1 billion in unrealized profit. While some analysts have pointed to these government sales as a factor in recent market volatility, the overall impact remains uncertain due to other influential market forces.

Also Read: XRP Price Defies Market Trend As Whale Dumps 52M Coins, What’s Next?

Market Impact and Current Bitcoin Status

Bitcoin’s price has shown resilience, recently surging above $62,000 before settling just above $61,000. At the time of reporting, Bitcoin’s live price stands at $61,286.22, with a 24-hour trading volume of $23.8 billion. The open interest of Bitcoin has increased by 0.18% and a valuation of $18.1 Billion.

Bitcoins relative strength index (RSI) has been a little below the 50 RSI zone.As it currently stands at the 48.6 level, a little more bullish presence will push it above 50 RSI level. The cryptocurrency has seen a slight 0.1% increase in the last 24 hours, trading between $62,438.10 and $61,228.09. Bitcoin’s current market capitalization is approximately $1.2 trillion.

Also Read: Binance US Announces Cessation Of Operations In Washington, Here’s Why

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About the Author: Daniel