German Government Moves Another $17 Million
Worth of Bitcoin• Экономика » Финансы » Платежные средства » Платежные системы интернета » Криптовалюта » Bitcoin to Exchanges
German Government Moves Another $17 Million Worth of Bitcoin• Экономика » Финансы » Платежные средства » Платежные системы интернета » Криптовалюта » Bitcoin to Exchanges
"This will result in short-term volatility as large transfers can cause
short-term price fluctuations as traders react to the news," an analyst said.
By Murtuza Merchant
Jul 2, 2024 Jul 2, 2024
3 min read
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The German government intensified the sell-off of its Bitcoin• Экономика » Финансы » Платежные средства » Платежные системы интернета » Криптовалюта » Bitcoin holdings Tuesday
and transferred a total of 282.74 BTC, valued at approximately $17.64 million,
to major cryptocurrency• Экономика » Финансы » Платежные средства » Платежные системы интернета » Криптовалюта exchanges Bitstamp, Coinbase, and Kraken.
The transactions took place at 4:20 p.m. Central Indonesian Time.
This follows a broader divestment trend by the German government, with over
3,000 BTC moved to centralized exchanges (CEX) in the past two weeks.
As of June 22, 2024, Germany's Bitcoin• Экономика » Финансы » Платежные средства » Платежные системы интернета » Криптовалюта » Bitcoin holdings were valued at $3.06
billion, with the Bitcoin• Экономика » Финансы » Платежные средства » Платежные системы интернета » Криптовалюта » Bitcoin price at $64,827 and a total quantity of 47.18K BTC.
By July 2, 2024, these holdings had decreased to $2.89 billion as the price of
Bitcoin• Экономика » Финансы » Платежные средства » Платежные системы интернета » Криптовалюта » Bitcoin slid to $62,671 and the wallet holdings had been reduced to 46.19K
BTC.
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Over the last 10 days, the German Government has sold nearly 1,000 BTC,
decreasing about $163.5 million in Bitcoin• Экономика » Финансы » Платежные средства » Платежные системы интернета » Криптовалюта » Bitcoin holdings. The most recent transfer
of 282.74 BTC further signifies the continued liquidation of Bitcoin• Экономика » Финансы » Платежные средства » Платежные системы интернета » Криптовалюта » Bitcoin assets.
Bitcoin• Экономика » Финансы » Платежные средства » Платежные системы интернета » Криптовалюта » Bitcoin's price has decreased from $64,827 to $62,671 over the same
period.
The price decline and substantial sales suggest a strategic sell-off by the
government to capitalize on high prices or adjust financial strategies.
The cumulative sale of over 3,000 BTC in two weeks indicates significant
market activity by the German Government.
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This trend of liquidating large amounts of Bitcoin• Экономика » Финансы » Платежные средства » Платежные системы интернета » Криптовалюта » Bitcoin could impact market
sentiment and price stability, especially as these assets enter the broader
market through major exchanges.
Commenting on the potential market impact, Raj A. Kapoor, Founder of the
Blockchain• Информационные технологии » Информационно-коммуникационные технологии » Информационные технологии и телекоммуникации » Базы данных » Публичная база транзакций » Блокчейн
• Высокие технологии » Информационные технологии и телекоммуникации » Базы данных » Публичная база транзакций » Блокчейн Governance Council, told Decrypt that such significant movements
can create uncertainty and fear among investors. A major entity like a
government moving large amounts of Bitcoin• Экономика » Финансы » Платежные средства » Платежные системы интернета » Криптовалюта » Bitcoin could be interpreted as a lack of
confidence in Bitcoin• Экономика » Финансы » Платежные средства » Платежные системы интернета » Криптовалюта » Bitcoin or a precursor to regulatory actions, prompting a
sell-off, he added.
“This will result in short-term volatility as large transfers can cause
short-term price fluctuations as traders react to the news. The actual impact
will ultimately depend on current market conditions, overall liquidity, and
how the news is received and interpreted by market participants,” he said.
Kapoor also addressed whether the government might hold onto some of its
Bitcoin• Экономика » Финансы » Платежные средства » Платежные системы интернета » Криптовалюта » Bitcoin holdings for higher prices.
"If the government analysts believe that Bitcoin• Экономика » Финансы » Платежные средства » Платежные системы интернета » Криптовалюта » Bitcoin prices are likely to increase
in the future based on market trends, economic indicators, and expert
forecasts, they might choose to hold onto their holdings," he said.
"Historical data showing Bitcoin• Экономика » Финансы » Платежные средства » Платежные системы интернета » Криптовалюта » Bitcoin's long-term growth potential might
support this decision."
Edited by Stacy Elliott .
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