2024-07-09 15:03:35
Government
Markets
Finance

German Government's Bitcoin Sell-Off Impacts Cryptocurrency Market

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The recent series of headlines highlight the impact of the German government's significant Bitcoin sell-off on the cryptocurrency market. With the government moving substantial amounts of Bitcoin, such as $500 million, the market experienced a 3% drop, reaching as low as $55,000.

This move has reduced the German government's Bitcoin holdings to 23,800 BTC worth $1.3 billion, sparking concerns about a supply overhang. Despite worries about potential price drops due to government sell-offs, indicators suggest that Bitcoin might bounce back.

Additionally, the return of over $200 million worth of Bitcoin to the German authorities from exchanges played a role in boosting market sentiment, indicating the complexities of government actions on cryptocurrencies.

Related news on that topic:

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CoinDesk
8. Juli 2024 um 15:13

Bitcoin Drops as German Government Moves Another $500M of Assets

Politics
Cryptocurrencies & blockchain
Finance
The German government moved another $500 million worth of Bitcoin assets, causing the cryptocurrency's price to drop by 3% to as low as $55,000. The German government's Bitcoin holdings have now reduced to 23,800 BTC worth $1.3 billion, according to blockchain data. The price action came amid a broader market slide and concerns over a potential supply overhang as the German and U.S. governments sell seized assets and the defunct Mt. Gox exchange starts to issue repayments.
Cointelegraph.com News
9. Juli 2024 um 09:34

German gov’t prepares for next $276M BTC sell-off

Cryptocurrencies & blockchain
Finance
Economy
Technology
The German government has continued its Bitcoin sell-off, moving 3,100 BTC worth $178 million in one hour on July 9. The government also withdrew 1,700 BTC worth $91.78 million from Bitstamp. The main government address currently holds around 26,000 BTC worth $1.5 billion, while the address used to off-load holdings currently holds 4,800 BTC worth $276.61 million, indicating plans for further sell-offs. Despite the sell-offs, several indicators suggest Bitcoin is ready to bounce back, with the price reaching its lowest point since late February before reversing to current highs.
TheStreet Crypto: Bitcoin and cryptocurrency news, advice, analysis and more
12. Juli 2024 um 14:43

Crypto markets on edge as Germany and U.S. governments move more than $100 million

Finance
Politics
The U.S. and German governments transferred over $100 million in cryptocurrency this week, causing concern among crypto analysts about potential impacts on the market. The fear is that selling a large amount of bitcoin holdings at once could lead to a drop in prices, similar to what happened when Germany transferred $195 million worth of bitcoin last month.
CoinDesk
9. Juli 2024 um 12:43

Bitcoin Steady Above $57K as Germany Moves 6.3K BTC to Exchanges

Cryptocurrencies & blockchain
Finance
The German government entity has moved hundreds of millions worth of Bitcoin (BTC) to exchanges in the past few weeks, contributing to selling pressure and bearish sentiment. However, Bitcoin held steady above the $57,000 mark despite the government's move, as the assets sent to exchanges did not ultimately hit the market.
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