The German government is making big moves in the cryptocurrency world. According to Cointelegraph, on July 9th, they sold a whopping 3,100 Bitcoin (BTC-USD)—worth $178 million—in just one hour. This is part of a bigger plan that includes pulling out 1,700 BTC (about $91.78 million) from Bitstamp and moving another 3,107 BTC from their main stash, hinting at more sales coming soon.
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Sell-off Details
The recent transactions sent 2,500 BTC to the B2C2 Group, 400 BTC to Kraken, and 200 BTC to an unknown wallet—all adding up to 3,100 BTC since the morning of July 9th. This follows a massive $900 million sell-off the day before, showing they’re serious about selling off their remaining $1.5 billion Bitcoin stash.
Market Reaction
Despite these big sales, Bitcoin didn’t tank. After dropping to a low of $53,550, it bounced back to $57,600. Bitfinex analysts noted the Relative Strength Index (RSI) suggests the pressure to sell might be easing, hinting at a possible recovery.
Key Takeaway
The German government’s sell-off spree could shake up Bitcoin prices. With so much Bitcoin flooding into the market—especially hitting big exchanges like Kraken—it’s likely to cause some price swings. This sudden increase in supply might push prices down temporarily, affecting how traders make their moves and how confident investors feel.
