Germany is making significant moves in the cryptocurrency market, as the government has been sending large amounts of Bitcoin to major exchanges like Coinbase, Bitstamp, and Kraken. On-chain observers report that government-labeled addresses have transferred approximately $193 million worth of BTC to these exchanges since last month. In light of these activities, we also explore AI’s Bitcoin price prediction for the end of July.
German Government Increases Bitcoin Transfers to Exchanges
According to insights from The Bit Journal, the cryptocurrency market is currently experiencing tight fluctuations, with Bitcoin trading between $62,000 and $63,000. Persistent selling pressure is keeping BTC from breaking past the $63,000 mark. On-chain analytics platform Arkham reveals that Bitcoin addresses linked to German authorities have recently sent another 282.74 BTC (worth $17.6 million) to Coinbase, Bitstamp, and Kraken. This indicates a potential intention by the German government to liquidate these holdings.
These government-tagged addresses started transferring Bitcoin to exchanges last month, following the seizure of 50,000 BTC from the movie piracy site Movie2k in January. Arkham’s data shows that on July 2, around 8:20 AM, the German Federal Criminal Police Office (BKA) moved 100 BTC ($6.2 million) to Coinbase, 150 BTC ($9.4 million) to Bitstamp, and 32.74 BTC ($2 million) to Kraken.
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Germany’s Massive Bitcoin Holdings
On June 26, analytics firm Lookonchain reported that the German government sent 345.34 BTC ($21.2 million) to market maker Flow Traders after a test transaction, suggesting a potential sale through the firm. However, on June 27, the government reclaimed 475 BTC ($29.2 million) from addresses labeled as Kraken, Bitstamp, and Coinbase. This was followed by the retrieval of 310 BTC ($20.1 million) from Kraken on June 20. Arkham also reported that the government had acquired another 90 BTC ($5.5 million) from wallets previously associated with Robinhood, Bitstamp, and Coinbase.
Arkham’s data indicates that the German government currently holds about 43,859 BTC, valued at approximately $2.7 billion at current prices. According to Bitcoin Treasuries, Germany ranks among the top nation-states in Bitcoin holdings, following the USA, China, and the UK, which hold 213,246 BTC, 190,000 BTC, and 61,000 BTC, respectively.
AI Predicts Bitcoin Price for July
Looking ahead, advanced AI algorithms from the crypto monitoring and prediction platform PricePredictions forecast a positive turn for Bitcoin by the end of July. The AI predicts that BTC will reach $63,261.23 by July 31. This forecast is based on technical analysis indicators such as Average True Range (ATR), Bollinger Bands (BB), and Moving Average Convergence Divergence (MACD). If these predictions hold, Bitcoin could see a slight increase of 0.88% from its current price.
Disclaimer
The price predictions and financial analysis presented on this website are for informational purposes only and do not constitute financial, investment, or trading advice. While we strive to provide accurate and up-to-date information, the volatile nature of cryptocurrency markets means that prices can fluctuate significantly and unpredictably.
You should conduct your own research and consult with a qualified financial advisor before making any investment decisions. The Bit Journal does not guarantee the accuracy, completeness, or reliability of any information provided in the price predictions, and we will not be held liable for any losses incurred as a result of relying on this information.
Investing in cryptocurrencies carries risks, including the risk of significant losses. Always invest responsibly and within your means.
