Germany’s government has deposited nearly 400 Bitcoins, worth nearly $25 million, into two different crypto exchanges, Kraken and Coinbase, This comes after they deposited a total of nearly 1,700 Bitcoins to three different crypto exchanges few days back. This substantial movement of Bitcoin by a governmental body has sparked intense interest and speculation within the cryptocurrency landscape as bitcoin whale activity in recent times has gone up immensely in what seems to be a tussle between bulls and the bears.

Germany’s Govt Recent Bitcoin Transfer

Blockchain monitoring service Arkham reported that the German Government split the 400 BTC transfer between Coinbase and Kraken, depositing 200 BTC to each exchange at 15:38 UTC+8. The total value of this transfer totalled to $24.34 million. This move follows last week’s larger deposit of 1,700 Bitcoins, valued at $110 million, which the government distributed among Kraken, Coinbase, and Bitstamp.

Recent data indicates that Germany’s Bitcoin holdings have grown significantly in value, now worth $2.82 billion, including $1.1 billion in unrealized profit. This sell-off by the German government, combined with large outflows from spot Bitcoin ETFs and other market factors, may be contributing to the current selling pressure that has pushed the Bitcoin price below $60,000.

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Market Reactions and Price Fluctuations

Bitcoin’s price recently dropped by 1.07%, trading at $60,728.75. The token fluctuated between $61,581.70 and $60,301.83 over the past 24 hours. This decline coincides with $174.5 million in outflows from Bitcoin ETFs on June 24, according to Farside data. The cryptocurrency’s market dominance decreased by 0.68% to 53.44%, with its overall market cap falling to $1.21 trillion.

While the German government has been selling off its Bitcoin holdings, other major investors are buying during price dips. On June 20, Michael Saylor’s MicroStrategy announced it had purchased an additional 11,931 Bitcoin using proceeds from $800 million in convertible notes. This contrasting behavior highlights the diverse strategies and confidence levels among different types of investors within the cryptocurrency market.

Also Read: Altcoins Bounce Back With BTC Dominance Dropping, Is the Bottom In?

The post Breaking: Germany’s Govt Dumps 400 BTC to Coinbase And Kraken appeared first on CoinGape.

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Filed under: News - @ June 25, 2024 9:19 am