News
Bitcoin Selloff Grows in Germany, with 282.74 BTC on Bitstamp
Read U.TODAY on
Google News
The German government has continued its sell-off of Bitcoin (BTC) assets: a few hours ago, 832.7 BTC, worth approximately $52 million, were transferred from its account. Second For Lookonchain, this is the latest in a series of outgoing transfers that have seen a total of 282.7 BTC, worth approximately $17.65 million, sent specifically to Bitstamp, Coinbase, and Kraken.
The month of July came with a different push from the German government regarding its Bitcoin wallet. This will not be the first time the government has sent part of its BTC to centralized trading platforms in what can be coded as a real fire sale.
Bitcoin started Tuesday’s trading session took a positive turn; however, news of the German sell-off derailed this upward trajectory. At the time of writing, Bitcoin is changing hands for $62,636.82, down about 0.2% in 24 hours. In two weeks, German authorities have sent about 3,000 BTC to centralized exchanges (CEX).
With the sell-off so far, Germany now has a total of 43,859 BTC in its wallets, worth a total of $2.74 billion. This Bitcoin holding that the government has started selling off poses no risk, as it has been confiscated from cryptocurrency criminal networks.
The move by German authorities mirrors that of the United States government. Over the past week, the government has moved about $240 million in cryptocurrency on the Coinbase exchange. With the movement of funds to exchanges denoting selling, the actions of these governments have not helped the stability of the market in recent times.
If these sell-offs persist, they could further impact market sentiment surrounding Bitcoin. While this could be countered by the latest waves of inflows into Bitcoin ETF SpotsIt may be difficult to find a healthy market with sustained growth if retail investors continue to bear the brunt of the erratic selling of government bonds.
About the author
Godfrey Benjamin
Godfrey Benjamin is a cryptocurrency journalist whose main goal is to inform everyone around him about the prospects of Web 3.0. His love for cryptocurrency began when, as a former banker, he discovered the obvious advantages of decentralized money over traditional payments. Due to his vast experience in covering various aspects of Web3, Godfrey’s articles have been published on Blockchain.news, Cryptonews, and Coingape, among others.