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What is the current amount of BTC remaining in Germany as they continue to sell Bitcoin? Here are the Details
Author:
Utku Yanık
08.07.2024 – 11:42
Update:
3 seconds ago
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The ongoing sale of Bitcoin (BTC) in Germany and recent Mt. Gox refunds have caused uncertainty in the cryptocurrency market.
Despite the recent sell-off, the largest economy in the Eurozone still holds 39,826 BTC, valued at approximately $2.2 billion, according to Arkham Intelligence.
Since mid-June, the German government has been selling off its Bitcoin holdings, contributing to the downward pressure on the market.
Earlier this year, the German Federal Criminal Police Office (BKA) confiscated 49,857 BTC from the operators of Movie2k.to, a privacy website that ceased operations in 2013.
Over the past few weeks, more than 10,000 BTC have been sold, impacting the market price of the cryptocurrency.
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In the last four weeks, Bitcoin’s spot price has dropped by nearly 20% to $54,260, with a significant 13% decrease in the past seven days alone.
These sell-offs have raised concerns about potential market volatility, as Germany’s remaining Bitcoin holdings account for approximately 9% of BTC’s $25.3 billion 24-hour trading volume. The possibility of further sell-offs suggests continued price instability.
Tron founder Justin Sun has recently added to the unease in the market by offering to buy Bitcoin directly from the German government to mitigate the negative impact on the spot price.
Sun’s proposal highlights a broader sentiment that Germany’s selling strategy may not be compatible with long-term market stability.
*This is not investment advice.
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