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German Government Transfers Another 700 Bitcoins as Prices Rebound
The German government has transferred 700 Bitcoin (BTC) worth about $40 million to a wallet. This extends the series of transactions during the price decline and subsequent rebound in the last 24 hours. Recent actions involving massive Bitcoin transfers have led to price swings and speculation about the future of the market.
German government makes new move
On-chain data from Arkham Intelligence shows a transfer of 700 BTC from the German government. According to the firm, the government holds over $2.3 billion worth of Bitcoin in recent sales. This move has sent another wave of initial bearish sentiment across social media spaces. However, cryptocurrency users on X believe that the market recovery could eclipse the development.
The German government has transferred over 3,000 Bitcoin to a number of unknown cryptocurrency exchanges and wallets. On July 4, 1,300 BTC, worth about $76 million, were transferred to exchanges with a declining market trajectory. After this first transaction, 500 Bitcoin worth about $29 million were sent to cryptocurrency exchange Bitstamp, while 400 BTC were sent to Coinbase and Kraken.
These operations, combined with the announcement of the reimbursement of
Mount Gox creditors have led to a market crash, sending assets to their lowest levels in months. Bitcoin’s price has fallen below $55,000 while Ethereum has fallen below $3,000 for the first time in 50 days. Meanwhile, German lawmaker Joana Cotar has urged the government to halt the sell-off, pointing to other options. Cotar advised the government to use the assets to diversify its treasury.
Bitcoin price rises
After widespread sell-offs that led to a price decline, Bitcoin and cryptocurrencies have seen gains in the past 24 hours. This comes on the back of positive macroeconomic factors following the release of US employment data. As a result, analysts point to a higher possibility of interest rate cuts in September. BTC Price stands at $57,871, up 2.21%, while the total market recorded gains of 3%.
Read also: Russia Named a “High Income Country” by the World Bank, Did Bitcoin Play a Role?
David is a financial news contributor with 4 years of experience in Blockchain and cryptocurrency. He is interested in learning about emerging technologies and has an eye for breaking news. Keeping up to date with trends, David has written in several niches including regulation, partnerships, cryptocurrency, stocks, NFTs, etc. Away from the financial markets, David enjoys cycling and horseback riding.