German Govt Transfers Another 700 Bitcoin Amid Price Recovery

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?