German Government Moved Another 595 Million BTC to Crypto Exchange
The German government continued Bitcoin sales by transferring another 595 BTC to major cryptocurrency exchanges. The move is part of a recent series of sales from an address linked to German authorities.
Amid current market tensions, a total of more than 2,000 BTC have been sold from this address in the last few days. The persistent nature of these sell-offs suggests that the German government may not be finished liquidating Bitcoin holdings.
German Government’s Bitcoin Sales Continue
Blockchain security company PeckShield reported that the address marked “German Government” moved 750 BTC (worth approximately $46 million) in a recent transaction. The bulk of this transfer (595 BTC, worth approximately $36.5 million) was distributed among major exchanges.
While bitstamp and Kraken received 125 BTC each, flow Traders, a global trading company, received the largest portion of 345 BTC. kraken appears to be a preferred exchange for these transfers, as it received 200 BTC from yesterday’s 400 BTC sale.
Despite these sell-offs, Germany’s Bitcoin holdings have gained significantly in value and are now worth $2.76 billion, including $1.1 billion in unrealized profits. While some analysts have cited these government sales as a factor in recent market volatility, the overall impact remains unclear due to other influential market forces.
So read: XRP Price Defies Market Trend as Whale Drops 52 Million Coins, What’s Next?
Market Impact and Current Bitcoin Situation
Bitcoin’s price has shown resistance and settled just above $61,000 after recently rising above $62,000. At the time of reporting, Bitcoin’s live price is $61,286.22 and its 24-hour trading volume stands at $23.8 billion. Bitcoin’s open interest increased by 0.18% and its valuation was $18.1 Billion.
Bitcoin’s relative strength index (RSI) is just below the 50 RSI zone. Since it is currently at 48.6, any further uptrend will take it above the 50 RSI level. The cryptocurrency traded between $62,438.10 and $61,228.09, showing a slight increase of 0.1% in the last 24 hours. Bitcoin’s current market cap is approximately $1.2 trillion.
Then read on: Binance US Announces It Has Stopped Its Operations in Washington, Here’s Why
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