Germany Bitcoin Over the past month, the German government’s Bitcoin sales have caused significant fluctuations in the cryptocurrency markets. However, recent news brings hope. Arkham Intelligence has identified that the wallet labeled “German Government” no longer contains any Bitcoin (BTC) for sale. This development could signal a wave of relief in the market and indicate a potential rise in Bitcoin prices.
Critical Development in Ongoing Bitcoin Sales
The Bitcoin market has been experiencing tough times due to the German government’s continuous Bitcoin sales over the past month. However, recent developments may bring relief to the market. Arkham Intelligence has discovered that the wallet labeled “German Government” no longer holds any Bitcoin (BTC) for sale. After nearly a month of relentless selling, the government has completed the sale of its remaining Bitcoins, a move that could ease market pressure. Reports suggest that Germany has sold over 46,000 BTC to date. In the latest update, Arkham Intelligence noted that the last batch of 3,846 Bitcoins, worth approximately $223.81 million, was transferred to Flow Traders and 139Po.
The closely monitored wallet now shows a balance of 0 BTC. The prolonged sale of Bitcoins from this account has triggered multiple downtrends in the cryptocurrency market, keeping Bitcoin’s price significantly below $60,000. With the selling likely over, the market is expected to enter a recovery phase. Numerous speculations arose during the period of heavy liquidation.
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Potential Impact on BTC Price
This development could drive Bitcoin upwards. The signs are already evident. In the last 24 hours, Bitcoin’s price has increased by 0.91%, reaching $58,236.12. For Bitcoin, which has recently exhibited mostly downward volatility, it is believed that an upward momentum might be starting. In the last 24 hours, the lowest BTC price was $56,590.17, while the highest trading level was $58,532.68. Although the threat from Germany has subsided, Bitcoin still faces significant headwinds from other regions. The US is also known to hold a stockpile of BTC that it could sell through centralized exchanges like Coinbase.
Additionally, as previously reported by The Bit Journal, the Chinese government has seized approximately 190,000 BTC. The government could liquidate these funds at any time. Among these challenges, the repayments to Mt.Gox creditors present another significant hurdle that long-term Bitcoin investors must watch closely. In conclusion, the German government has completed its Bitcoin sales, with around 46,000 BTC sold.
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