The post Bitcoin Tumbles as German Government Moves Another $75 Million to Exchanges appeared on BitcoinEthereumNews.com.

We do the research, you get the alpha! Get exclusive reports and access to key insights on airdrops, NFTs, and more! Subscribe now to Alpha Reports and up your game! Go to Alpha Reports The German government has transferred approximately 1,300 Bitcoin to major cryptocurrency exchanges, contributing to a sharp decline in Bitcoin’s value and causing ripple effects across the broader crypto landscape. According to data from Arkham Intelligence, the German authorities moved Bitcoin worth approximately $75 million to exchanges including Bitstamp, Coinbase, and Kraken around 10 a.m. Central European Time today. This transfer marks one of the largest movements of Bitcoin by the German government to centralized exchanges in the last few weeks. The sell-off has contributed to Bitcoin’s price dropping below the critical 200-day simple moving average (SMA), a key technical indicator often used by traders to assess long-term trends. Bitcoin reached a low of $56,952 in early European trading hours and is currently trading at $57,650, down 4.5% on the day. The German government’s Bitcoin portfolio, even after this substantial transfer, is still significant. Currently, the German Government holds a significant Bitcoin portfolio valued at $2.3 billion and consisting of 40.359K BTC. However, recent market actions have led to a notable decrease in their portfolio value, which has dropped by $136.17 million, over the last 24 hours. But the sell-off has not been limited to Bitcoin. QCP Capital reports that the entire cryptocurrency market is experiencing heavy selling pressure, with Bitcoin falling below the $60,000 support level. “Yet another day of heavy selling pressure, causing BTC to fall below the 60k support level and reaching lows of 57,875,” noted QCP Capital. The report also highlighted signs of miner capitulation, a phenomenon historically associated with price bottoms, such as the significant hash rate drop in 2022 when Bitcoin…

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Filed under: News - @ July 6, 2024 4:26 am