German Triggers Bitcoin Crash With Rapid Selling: Heres How Much BTC They Have Left

The price of Bitcoin has crashed again as the German government continues its BTC selling spree. The government has already sold millions of dollars worth of Bitcoin, putting immense pressure on the pioneer cryptocurrency amidst broader market volatility.  German Government Initiates Massive BTC Sell-Off Bitcoins consistent price decline has been driven by multiple factors including outflows from Spot Bitcoin ETFs, unfavorable market conditions and Mt Goxs BTC redistribution plans. Lately, the cryptocurrencys price has been further pressured by the substantial BTC sell-offs executed by the German government.  Related Reading: Dogecoin Vs. Shiba Inu Vs. PEPE: Comparing The Profitability Of The Top Meme Coins For weeks, Germany has sold thousands of Bitcoin worth hundreds of millions of dollars. On June 25, blockchain analytics platform Arkham Intelligence reported that the government sold 900 BTC worth about $52 million. They moved 400 BTC to Coinbase and Kraken and transferred the rest to an unidentified address.  Additionally, last week the German government executed another major Bitcoin sell-off, transferring a whopping 3,000 BTC valued roughly at $172 million to exchanges. The government moved 1,300 BTC to Kraken, Bitstamp, and Coinbase and sold the rest to an unknown wallet address.  The most recent BTC transaction was on Monday, June 8, when the German police sold an additional 2,738.7 BTC worth approximately $155.3 million. Arkham Intelligence revealed that the Bitcoin was likely sold to crypto exchanges or market makers, including Kraken, Cumberland, 139Po, and address bc1qu.  As of writing, the German government still holds a staggering amount of Bitcoin. Arkhams data has revealed that the governments holdings amount to 26,053 BTC valued at approximately $1.49 billion.  Despite the BTCs recent crash, the German government Bitcoin continues to sell their BTC holdings at a rapid pace. Joanna Cotar, a member of the German Bundestag, the National parliament of the Federal Republic of Germany, has shown her displeasure with the governments decision to sell off their BTC holdings. Cotar disclosed that the government should be strategically holding BTC and not selling them off. She disclosed that their recent BTC sell-offs were counterproductive and not sensible, urging the government to utilize their BTC as a strategic reserve currency.   Bitcoin Price Update After Crash Over the past week, Bitcoins price fell by a substantial 8.71% after crashing by 17.10% in the past month. This decline has been attributed to unabating selling pressures and recent bearish trends in the crypto market.  Related Reading: XRP Price: Crypto Analyst Identifies Point Of Control That Could See A Repeat Of 2017 Since the beginning of June, Bitcoins price movements have been displaying weakness and underperforming significantly. Despite inflows into Spot Bitcoin ETFs, Bitcoin had remained volatile under the $60,000 price mark, showing minor upward momentum.  Including the German governments BTC sell-offs, crypto analyst, Ali Martinez has also revealed in an X post that Bitcoin whales have sold over 30,000 BTC worth approximately $1.8 billion in the past month. This 30,000 BTC sell-off which surpasses the German governments current Bitcoin holdings has contributed significantly to Bitcoins decline to its present price of $57,039, according to CoinMarketCap.  Featured image created with Dall.E, chart from Tradingview.com

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German Government Dumped $419,286,862 in Bitcoin Today, But Prices Surge Instead

The German government is showing no signs of relaxing its ongoing Bitcoin selloffs via crypto exchanges, market makers, and some…

The post German Government Dumped $419,286,862 in Bitcoin Today, But Prices Surge Instead first appeared on The Crypto Basic.

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German govt shifts additional 3K BTC in 1 hour

The latest transactions by the German government follow outcries from MPs to stop the sell-off and protect the country from the risks of the traditional financial system.

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Bitcoin weakness spurs $441M digital asset inflows

Digital asset investments see significant inflows of $441 million, driven by Bitcoin price weakness, Mt. Gox activity and a German government sell-off, according to a CoinShares report.

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5 bullish arguments that Bitcoin price just bottomed at $53K

Bullish divergence on the price chart, September rate cut prospects, and increasing M2 supply are some catalysts that could resume the Bitcoin bull market cycle.

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Bitcoin Hit by Major German Government Transfers, Shaking Up Crypto Markets

Bitcoin faced a turbulent day as the German Government executed significant transfers of the cryptocurrency, causing ripples across the market. According to Arkham, at 16:25 UTC+8, the government moved 1,300 BTC, worth approximately $75.53 million, to major centralized exchanges (CEX) including Bitstamp, Coinbase, and Kraken. This action marks the largest recent transfer of Bitcoin to […]

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German govt transfers $172M in Bitcoin to multiple locations

The German governments latest Bitcoin transfers could impact the market significantly, as it moves 3,000 BTC to various crypto exchanges and an unknown wallet.

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German govt transfers another $52M in Bitcoin, threatening more BTC selling pressure

Repeated Bitcoin transfers to centralized exchanges suggest the government plans to sell its $2.75 billion in BTC holdings.

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Bitcoin Bull Michael Saylor Speaks To German Government After $3B BTC Dump

Michael Saylor, the chairman of MicroStrategy, recently directed a statement at the German government following their liquidation of Bitcoin worth…

The post Bitcoin Bull Michael Saylor Speaks To German Government After $3B BTC Dump first appeared on The Crypto Basic.

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Why Did The German Government Sell Off 50,000 Bitcoin In 2 Weeks

The German government has sold all of its Bitcoin (BTC) in just two weeks. The reason for the substantial Bitcoin dump was unveiled in a recent statement by the Saxony Central Office for the Protection and Realization of Virtual Currencies. Why Germany Sold All Its Bitcoin In a blog post published on July 16, the Saxon Central Office and Frankfurt Bankhaus Scheich Wertpapierspezialist AG, a German securities trading bank, announced that they had successfully completed the sale of approximately 49,858 BTC. Starting on June 19, 2024, the German government began to sell off its massive Bitcoin reserves, officially concluding sales on July 12, 2024.  Related Reading: XRP Whales Are On The Move Again Heres What Theyre Doing This Time The government disclosed that the sale proceeds had amounted to 2.63 billion, with the funds remaining provisionally secured for the criminal proceedings related to the movie2k complex. The backstory behind the German governments substantial Bitcoin holdings involves a digital asset seizure from movie2k, a notorious and now-defunct movie piracy website. Earlier in January 2024, the government seized 50,000 BTC, worth over 2.1 billion at the time, from the operator of the movie2k website. Unlike some global jurisdictions that might hold onto the seized digital assets, German law mandates their liquidation. This mandate is part of an emergency sale under Article 111p of the Code Of Criminal Procedure. As a result, the Dresden Public Prosecutor Office had no alternative but to sell off their Bitcoin stash which was transferred by the accused at short notice. Germanys Bitcoin sale was also driven by its legal obligation to liquidate valuable assets before the conclusion of ongoing criminal proceedings, particularly when there is a threat or risk of significant loss. Considering Bitcoins notorious volatility and its penchant for rapid price fluctuations, the threat of loss was always present and, therefore, necessitated the sale.  Moreover, any speculation of prices or waiting on the rising value of the seized assets by the prosecuting authority is strictly prohibited in an emergency sale, which is expected to be carried out as quickly as possible. This is because the current value of Bitcoin and other price influential circumstances are irrelevant in deciding where and when to execute an emergency sale.  Germany Conducts Market-Friendly BTC Sale During its blog post, the Saxony Central Office for the Protection and Realization of Virtual Currencies disclosed that the government had conducted a market-friendly and appropriate sale of Bitcoins. The government had initiated multiple BTC dumps in small tranches over a period of approximately three and half weeks, taking into consideration how substantial BTC sell-offs can significantly impact the market.  Related Reading: Crypto Analyst Predicts 450% Move For Shiba Inu To Reach New All-Time High According to the government, approximately 49,858 BTC was transferred on January 16, 2024, representing a total value of 1.96 billion at the time, with an average purchase rate of about 39,400. Looking ahead, the price of Bitcoin was not severely impacted by the German governments substantial lofty sell-off.  A crypto analyst, Simon Dedic revealed in an X post that the price of BTC has surged by almost 23% since Germanys Bitcoin dump and is now trading at a higher level than on June 19 when the government began transferring funds.  Featured image created with Dall.E, chart from Tradingview.com

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German govt Bitcoin wallet drops to 5,800 BTC after major sale

With 5,800 Bitcoin remaining, the German government has sold 88.4% of its original 50,000 BTC.

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Bitcoin risks 30% loss against XRP if triple bottom confirms

XRP has significantly lagged behind Bitcoin in 2024, but a recent Mt. Gox- and German government-led sell-off in the BTC market may spark renewed interest in the altcoin.

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German govt $354M BTC sell-off: Yet more volatility incoming?

The German government is ramping up its Bitcoin sell-off, preparing to offload an additional $342 million worth of BTC.

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German, US govts move $150M in crypto

The German and U.S. governments make strategic moves with significant Bitcoin and Ethereum transfers, drawing market attention.

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The German Government Transfers 1,500 Bitcoin While Analysts Are Bullishly Eyeing New Highs

According to on-chain data from Lookonchain, the German government has recently moved 1,500 BTC (worth approximately $94.7 million) within the past 20 minutes. Out of this total, 400 BTC (around $25.3 million) has been funneled to prominent cryptocurrency exchanges such as Bitstamp, Coinbase, and Kraken. This maneuver by the German government, a notable holder in […]

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Bitcoin Analyst Says Coin Overvalued: Why Is This BTC Chart Super Bullish?

Bitcoin is trending higher at spot rates, breaching $63,000 on June 30 before recoiling. Even though momentum is building, the action of the coin’s price is a source of debate. Still, some are doubtful, thinking there is reason for a possible overvaluation. Analyst: Bitcoin Is Overvalued, Here’s Why In a post on X, one analyst argues that the coin may likely cool off, extending the 18% drop registered in June. To conclude this, the analyst said the preview factored in several parameters, including time, the number of active Bitcoin addresses, and hash rate. Through this model, the analyst said there was reason to doubt the uptrend, dampening the spirits of optimistic holders expecting bulls to push on. As of writing, Bitcoin is back in the multi-week range with caps at all-time highs and support at $56,800 registered in May. Related Reading: Ethereum Goes Budget-Friendly: Transaction Fees Drop To Lowest Since 2016 From price action, it is clear that buyers are in charge, at least from a top-down preview. Despite the lower lows, especially in May when prices breached $60,000, bulls have a chance from a top-down preview. Notably, prices are inside a bull flag after gains in Q1 2024. However, buyers’ failure to confirm gains in mid-March is slowing down the uptrend. Buyers have failed to breach $74,000 from the daily chart, and $72,000 is a strong liquidation line. In the short term, the trend could shift if prices break out decisively above $66,000, preferably at the back of rising trading volume.         Germany Selling As BTC Gains Versus M1 Money Supply In The United States Further fueling concerns is the recent dump by the German government. On July 1, they transferred 1,500 BTC, worth over $94 million. Lookonchain data shows 400 BTC were sent to three exchanges, including Bitstamp. Though it is not immediately clear if they sold, sending them to exchange means they are keen on offloading them–a net bearish. The address associated with the German government currently holds over 44,000 BTC worth more than $2.5 billion at spot rates. Even amid these concerns, others are bullish on BTC. Citing the relationship between the United States M1 money supply and BTC prices, one analyst said the coin is priming for major gains. Looking at the chart, the analyst argues that Bitcoin has not reached a new all-time high relative to the United States M1 money supply in over six years. Related Reading: Avalanche (AVAX) Price Rallies: Can It Break Through the $30 Barrier? However, considering the steady surge in BTC prices since mid-2023, it is highly likely that bulls will take over, pushing the coin to fresh all-time highs. Feature image from DALLE, chart from TradingView

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Bitcoin Selloff: German Govt Offloads Another $67 Million As Price Wobbles

In a continued effort to liquidate its substantial Bitcoin holdings, the German government has once again engaged in significant transactions involving BTC, according to data from blockchain analytics platforms Arkham Intel. This morning, the Federal Criminal Police Office (BKA) executed nine transactions involving a total of roughly 2,786 BTC. German Govt Continues Its Bitcoin Sell-Off Arkham Intel’s data shows that four of them are internal transfers while five transactions were direct transfers to crypto exchanges and market makers, suggesting an intent to sell. The five potential sales amount to 1,095.339 BTC worth approximately $67 million. Specifically, the BKA made two 125 BTC transfers, each worth approximately $7.7 million, to well-known crypt exchanges Bitstamp and Kraken. An additional transaction involved a minute test transfer of 0.001 BTC to Flow Traders, a leading market maker. This small transaction was soon followed by a much larger transfer of 345.338 BTC to the same entity, strongly suggesting preparation for a substantial sell order. Related Reading: Heres Why The Bitcoin Bottom Is In, New Highs Imminent: Crypto Expert Another noteworthy transfer of 500 BTC was directed to an enigmatic address tagged as 139Po. This address has seen previous activity linked to the German government but remains shrouded in mystery, speculated to be another sale point. These transactions form part of a broader trend observed since last week. Just a day prior, on June 25, the government had disposed of 400 Bitcoin worth $24 million on Kraken and Coinbase, as well as 500 BTC to address 139Po. This is in addition to significant movements earlier last week: $130 million worth of BTC were transferred to exchanges on June 19 and $65 million on June 20. Counterbalancing these outflows, the government received $20.1 million back from Kraken and $5.5 million from wallets associated with Robinhood, Bitstamp, and Coinbase. Related Reading: Will Bitcoin Have A Red Monday, Green Week? Analyst Sets $63,500 Target Currently, the German government’s holdings amount to 45,264 BTC, valued at around $2.8 billion. This makes Germany one of the top nation-state holders of Bitcoin, trailing only behind the United States, China, and the United Kingdom, which hold 213,246 BTC, 190,000 BTC, and 61,000 BTC respectively, according to data from Bitcoin Treasuries. BTC Price Hangs Above Critical Level The pattern of large-scale disposals by the German government has contributed to fluctuations in Bitcoin’s market price, which has experienced a decline of approximately 6% since the onset of these transactions. Bitcoin’s value briefly fell below the $60,000 threshold following the announcement from Mt. Gox about disbursing approximately $9 billion worth of Bitcoin and Bitcoin Cash starting in July. Market analysts and investors are also keenly observing these governmental actions as the sell-off seems to continue at a slow pace. This strategic liquidation by the German government arrives at a pivotal juncture for market sentiment, with Bitcoin prices teetering just above critical support levels. Should the daily trading price close below the $60,000 threshold, it could potentially trigger a more pronounced downturn in Bitcoin’s price, exacerbating market volatility and uncertainty. At press time, BTC traded at $61,451. Featured image created with DALL·E, chart from TradingView.com

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