The German government is continuing its divestment of seized Bitcoin, with 900 BTC valued at over $54 million transferred in three transactions on June 25, adding to the selling pressure in the market. This move is part of a larger trend of large-scale Bitcoin transactions by German authorities, with approximately $195 million in Bitcoin transferred to major exchanges last week. Despite these transactions, the German government still holds 46,359 BTC, estimated to be worth over $2 billion, acquired by seizing nearly 50,000 BTC from the piracy site Movie2k.to earlier this year. Germany is one of the top five countries with substantial Bitcoin holdings, behind the United States, China, and the United Kingdom.
The ongoing liquidation by the German government is contributing to the volatility in the crypto market, with analysts closely monitoring these movements and their potential impact on Bitcoin’s price. The price of BTC fell to $58,500 for the first time since early May after bankrupt Mt. Gox revealed it would begin Bitcoin repayments for its creditors, but has since slightly recovered to $61,300. Some market experts believe that the dip was fear-driven, while others argue that it was purely sentiment-driven. JAN3 CEO and Bitcoin bull Samson Mow stated that the current dip is not from the selling of large holdings but is driven by sentiment and fear.
The German government’s continued divestment of seized Bitcoin is adding further uncertainty to the market, with investors closely watching these movements and their potential impact on the price of Bitcoin. The price of BTC recently fell to $58,500, the lowest since early May, after news of bankrupt Mt. Gox beginning Bitcoin repayments for its creditors. However, the price has since recovered slightly to $61,300, with some market experts attributing the dip to fear and sentiment rather than the selling of large holdings. Moving forward, analysts will continue to monitor these transactions and their effects on the market.
Despite the ongoing divestment by the German government, the country still holds a substantial amount of Bitcoin, with 46,359 BTC worth over $2 billion in its possession. These coins were seized from the piracy site Movie2k.to earlier this year, with Germany now ranking among the top five countries with significant Bitcoin holdings globally. The recent trend of large-scale Bitcoin transactions by German authorities has added to the selling pressure in the market, contributing to the current volatility and uncertainty surrounding Bitcoin’s price. Analysts and investors will continue to watch these developments closely to assess their impact on the market.
The recent announcement by bankrupt Mt. Gox regarding Bitcoin repayments for its creditors has further contributed to the volatility in the market, with Bitcoin’s price falling to $58,500, the lowest since early May. However, the price has since recovered slightly to $61,300. Market experts have differing opinions on the cause of the dip, with some attributing it to fear and sentiment, while others believe it is purely sentiment-driven. JAN3 CEO Samson Mow stated that the current dip is not due to the selling of large holdings but is driven by fear and sentiment, with minimal impact expected from any sales of Gox coins that may come to market. Overall, the market remains uncertain as investors and analysts continue to monitor the ongoing divestment of seized Bitcoin by the German government and its potential effects on the market.
