Wallet Linked to German Government Offloads 900 Bitcoin ($BTC)
The post Wallet Linked to German Government Offloads 900 Bitcoin ($BTC) appeared on BitcoinEthereumNews.com.
The crypto market is experiencing increased volatility, resulting in severe price drops. Today’s on-chain analysis revealed that a German Government-labelled crypto wallet sold 900 Bitcoin, leading to concerns that $BTC may drop below its key $60,000 mark. A German government crypto wallet moved another 900 Bitcoin ($BTC) in three individual transactions today. The transactions have sparked fears that $BTC may drop below its critical $60,000 level. Millions in Seized Bitcoin Sent to Major Exchanges A wallet connected to the German Federal Criminal Police Office (BKA) transferred 900 Bitcoin to major crypto exchanges today. According to data from blockchain analysis firm Arkham, the wallet sent 200 $BTC to Coinbase, 200 $BTC to Kraken and 500 $BTC (worth over $30 million) to an unknown wallet, “139Po”. While wallet “139Po” remains unknown, the German government previously interacted with it. On June 19, the government sent 500 BTC to the address and another 800 on June 20. UPDATE: German Government selling additional $24M BTCIn the past 2 hours the German Government has moved 400 BTC to exchange deposits at Kraken and Coinbase.They have also moved 500 BTC to address 139Po. We have yet to see where these funds are moved. pic.twitter.com/D6QCUv9Jgx — Arkham (@ArkhamIntel) June 25, 2024 After the transfers, the wallet still holds 46,359 BTC, worth around $2.8 billion. Bitcoin on a Downtrend: Could German Government Push it Over the Edge? Bitcoin has been on a sustained downward trajectory, currently down over 10% on the monthly chart and 3.95% over the past seven days. Market sentiment is overwhelmingly negative, with the Fear and Greed Index dropping from extreme greed to fear in a matter of a week. An announcement from the now-defunct crypto exchange Mt. Gox forced $BTC down yesterday, with the price momentarily touching $58,500. At the same time, the price recovered…
Filed under: News - @ June 27, 2024 4:26 am