NewsletterGerman Govt Transfers Another 700 Bitcoin Amid Price Recovery
Highlights
- The German government moved 700 BTC amid recent sales.
- Recent actions by the country have sparked massive sell-offs in the market.
- At press time, Bitcoin price gained over 2% today before the sale.
The German government has transferred 700 Bitcoin (BTC) worth around $40 million to a wallet. This extends the string of transactions amid the price fall and subsequent rebound in the last 24 hours. Recent actions concerning huge transfers of Bitcoin have led to price swings and speculations on the market’s future.
German Govt Makes New Transfer
On-chain data from Arkham Intelligence shows a transfer of 700 BTC from the German government. According to the firm, the government holds Bitcoin worth over $2.3 billion amid recent sales. This move sent another wave of initial bearish sentiment on social media spaces. However, crypto users on X opine that the market recovery might eclipse the development.
The German government has transferred over 3,000 Bitcoin to a slew of crypto exchanges and unknown wallets. On July 4, 1,300 BTC, worth approximately $76 million was moved to exchanges with the market trajectory going downward. Following this first transaction, 500 Bitcoin worth about $29 million was sent to crypto exchange, Bitstamp while 400 BTC was sent to Coinbase and Kraken.
These transactions coupled with the announcement for the repayment of Mt Gox creditors led to a market tumble taking assets to lows not recorded in months. The price of Bitcoin fell below $55k while Ethereum dropped below $3k for the first time in 50 days. Meanwhile, German lawmaker, Joana Cotar urged the government to stop the sales pointing to other options. Cotar advised the government to utilize the assets to diversify its treasury.
Bitcoin Price Picks Up
After the widespread sales which led to a price drop, Bitcoin and crypto assets notched gains in the last 24 hours. This comes on the heels of positive macroeconomic factors following the release of the U.S. Job Data. As a result, analysts point to an increased chance of interest rate cuts in September. BTC price stands at $57,871, a 2.21% growth today while the total market picked up 3% gains.
Also Read: Russia Named “High Income Country” By World Bank, Did Bitcoin Play a Role?
Why Trust CoinGape
CoinGape has covered the cryptocurrency industry since 2017, aiming to provide informative insights Read more… to our readers. Our journal analysts bring years of experience in market analysis and blockchain technology to ensure factual accuracy and balanced reporting. By following our Editorial Policy, our writers verify every source, fact-check each story, rely on reputable sources, and attribute quotes and media correctly. We also follow a rigorous Review Methodology when evaluating exchanges and tools. From emerging blockchain projects and coin launches to industry events and technical developments, we cover all facets of the digital asset space with unwavering commitment to timely, relevant information.
Premium Partners
Delivered every day.
- Insights that move markets
- 100,000 active subscribers
Related Articles
- Why Are Top Altcoins ADA, SOL, and ETH Down Today?
- Visa Begins Pilot Program For Direct USDC Payments For U.S. Businesses
- U.S. Government Shutdown Set to End as House Panel Approves Senate Funding Deal
- Analysts Eye FUNToken’s Giveaway as the Push It Needed to Break Out
- Ripple News: Evernorth Holdings Linked XRP Coins on Move, What’s Happening?
- Ethereum Price Outlook as Whales and Institutions Boost Holdings — Can ETH Reclaim $4K Before Year-End?
- Can Dogecoin Price Hold Above $0.17 Amid Weekly Surge?
- Chainlink Price Could Crash as 3 Risky Patterns Form Amid Whale Selling
- Cardano Price Could Reclaim $0.7 After Key Stakeholders Add $204M in ADA
- Uniswap Price Soars 21% on Fee Switch and Token Burn Proposal— Eyes $15 Target
- Bitcoin Price Eyes Bulls as Crypto Market Structure Bill Draft Finally Drops
