Germany transfers another 1000 BTC, markets suffer negative hit
The post Germany transfers another 1000 BTC, markets suffer negative hit appeared on BitcoinEthereumNews.com.
According to Arkham Intelligence, the German government moved another 1000 BTC on July 8th, with a significant amount deposited to Coinbase and Bitstamp. Germany’s Bitcoin sell-off comes at a dire time in the crypto market, causing uncertainty and significant price fluctuations. The country’s remaining BTC reserves hold about 35,400 BTC worth approximately $2.04 billion. Germany started selling off its BTC holdings seized from illegal activities on June 19th, reaching approximately 9000 BTC, worth over $500 million. The sell-off has raised questions within the crypto community, with many believing the country will regret the decision. The sell-off has also attracted a string of ridicule from the online community. Also Read: Justin Sun ridicules Germany’s Bitcoin sell-off after UEFA Euro knockout Tron’s founder, Justin Sun, made fun of the country’s decision on July 6, saying Germany’s massive BTC sell-off was the reason behind its loss to Spain in the 2024 UEFA Euro quarter-finals. Later, Justin offered to buy all of Germany’s remaining BTC holdings to reduce the impact of the outflows on the crypto market. Since June 19th, BTC prices have dropped by over 12%, trading at $57,200 at the time of writing. While the prices recovered late last week, BTC and the overall crypto market prices are still down compared to the previous week. Bitcoin is down by 8.83%, ETH by 11.9%, SOL by 3.622%, and XRP by 8.77%. However, the 24-hour price change for most cryptocurrencies, including BTC and ETH, is positive. German politician asks the government to reconsider Die dt. Presse greift es auf: “Laut Cotar solle Sachsen die Krypto-Währung lieber halten, statt zu verkaufen und „eine umfassende #Bitcoin-Strategie entwickeln.“ Auch Anleger sind sauer u. bewerten den aktuellen Verkauf als „dumm“ oder „kurzsichtig“.https://t.co/oIcPcrsW1d — Joana Cotar (@JoanaCotar) July 8, 2024 Independent Member of Parliament Joana Cotar requested the German…
Filed under: News - @ July 9, 2024 12:24 am