German Government Drains Another 547 Bitcoins, MP’s Proposal Rejected
The German government is currently on a relentless Bitcoin selling spree. According to the latest update from arkham Intelligence, the German government has pulled another 547 Bitcoins out of its warehouses today. This brings the German government’s total holdings to 41,220 Bitcoins, currently worth $2.27 billion.
Bitcoin Selling Spree Continues
According to the latest information from Arkham Intelligence, the German Government sent these 547 Bitcoins to market Maker flow Traders, worth $30 million. The government is also moving its Bitcoins to different BTC wallets and sending them to three crypto exchanges: Kraken, bitstamp, and Coinbase.
A day earlier, German MP Joana Cotar criticized the government for the recent Bitcoin sell-off, adding that the recent sell-off could be “counterproductive,” especially considering that the U.S. is considering holding Bitcoin as a strategic reserve asset.
Also Read: Donald Trump Presidency Could Trigger ‘Global Hash War’ Over BTC Reserves
He also informed leading political figures such as Saxony Minister-President Michael Kretschmer, Finance Minister Christian Lindner and Chancellor Olaf Scholz about the counterproductive nature of these sales.
But it seems the German government has turned a deaf ear to this suggestion. So far in the first week of July, the German government has transferred around 4,000 Bitcoin. This, combined with the Mt. Gox refund, has caused serious panic selling in the market. According to on-chain data from IntoTheBlock, over 30,000 Bitcoins have been moved to exchanges this week.
Then read on:
Is Germany Really Behind the BTC Price Drop?
There is currently a widespread belief in the market that the German government’s Bitcoin sell-off is what triggered this BTC price correction, with prominent Bitcoin advocate Samson Mow noting the market suppression activities that have taken place over the past three days.
According to Mow, these activities typically begin around 10-11 a.m. in Asia and around 10-11 p.m. in New York, suggesting a coordinated effort during overlapping hours.
Mow also commented on the BTC movements in Germany, observing that Bitcoin is returning from exchanges to wallets, which he believes indicates that it is not yet time to sell. Mow concluded:
Also Read: Robert Kiyosaki Predicts Biggest Crash in Bitcoin and Other Assets
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Bhushan is a FinTech enthusiast and has a good grasp of financial markets. His interest in economics and finance draws his attention to the emerging Blockchain Technology and Cryptocurrency markets. He is a constant learner and motivates himself by sharing the knowledge he acquires. In his spare time, he reads thrillers and sometimes explores his culinary skills.
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