The post Bitcoin Price Dips As Germany Offloads $2B Of BTC In One Week appeared on BitcoinEthereumNews.com.

Crypto markets retraced on Friday amid a recent acceleration in the German government’s efforts to offload its Bitcoin holdings. At the time of the writing, the wallet flagged as belonging to the German government holds just 3,846 BTC ($223,000) — down from 50,000 BTC ($3.2 billion) on June 19, according to Arkham Intelligence. Arkham’s data shows the wallet transferring 13,951 BTC ($800 million) to exchanges including Bitstamp, Coinbase, and Kraken, alongside brokers and market makers including Flow Traders and Cumberland DRW. The price of Bitcoin (BTC) fell 2% over the past 24 hours to last change hands for $58,000, according to CoinGecko. Ethereum (ETH) dropped by 1.3% and is trading for $3,120. Polkadot (DOT) and Solana (SOL) both fell 4%. BTC/USD. Source: CoinGecko. Just seven of the top 100 cryptocurrencies by market cap posted a gain of more than 1% for the day. Ripple (XRP) led the pack with 3.1%, followed by MakerDAO (MKR) with 2.3%, and Cronos (CRO) with 1.6%. Bonk (BONK) suffered the heaviest loss with 9.9%, followed by Arweave (AR) with 8.2%, and Brett (BRETT) with 7.1%. Germany dumps BTC In January, German authorities announced they had seized 50,000 BTC from an individual connected to Movie2k, a website distributing pirated movies. Its Bitcoin stash was left untouched until June 19, when Germany began offloading its holdings. The selling intensified this past week, with the wallet’s balance falling from 40,000 BTC ($2.2 billion) on July 8 to 3,846 BTC ($223,000) today. The data suggests the Bitcoin markets absorbed the heavy sales with relative ease despite last weekend’s violent sell-off. “It’s incredible that this sell pressure has been absorbed and that Bitcoin’s price is around $60K,” tweeted Michael Van de Poppe, the CEO of MN Trading. Spot Bitcoin exchange-traded funds (ETFs) also posted a bullish week in spite of…

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Filed under: News - @ July 12, 2024 4:26 pm