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The recent move by the German government has intensified selling pressure on Bitcoin, raising concerns among investors.
According to blockchain platform Arkham Intelligence, the German government today liquidated over 1,000 bitcoins. At the time of these transactions, the bitcoins were valued at approximately $75.5 million. This substantial sale followed various law enforcement operations at the beginning of this year, which resulted in the confiscation of tens of thousands of bitcoins from activities such as an illegal movie streaming website.
These large-scale liquidations have added considerable selling pressure to Bitcoinās market. CoinGecko data indicates that Bitcoin has depreciated by over 5% in the last seven days, falling below the $58,000 mark. This selling trend is exacerbated as authorities continue to dump significant quantities of Bitcoin onto the markets.
Germany is not alone in this trend. Recently, U.S. authorities similarly moved 3,375 Ethereum, seized from criminals Sergei Potapenko and Ivan Turogin, to an undisclosed address. According to Bitcoin Treasuries, countries like the United States, China, and the United Kingdom hold significant reserves of cryptocurrencies, with the U.S. leading the pack. Germanyās Bitcoin reserves are still substantial, with approximately 42,000 bitcoins worth around $2.44 billion remaining in their wallets.
The strategic liquidation of Bitcoin reserves by governments like Germany and the U.S. demonstrates the significant impact these actions can have on the cryptocurrency market. Investors are now closely watching governmental behavior in the space, as these large-scale sales contribute to heightened volatility. Future market movements will likely be influenced by further disposals from various state treasuries, shaping the broader economic landscape of cryptocurrencies.
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