Bitcoin Nosedives As German Government Moves Over $850M In BTC

Published: Jul 8, 2024
Written By:
Vignesh Karunanidhi
Milk Road Writer

In a series of transactions, the German government has moved 15,347.723 Bitcoin (BTC) over the past 24 hours. This large-scale movement of BTC valued at approximately $850 million, has triggered the market once again.

Key points:

  • German government transferred 15,347.723 BTC in 24 transactions.
  • Funds were moved to major exchanges, including Coinbase, Bitstamp, Kraken, and others.
  • The total value of transferred Bitcoin is around $850 million
  • Bitcoin price dropped to $55,000 following the transfers.

According to data from blockchain analytics firm Arkham, the German government moved the BTC via multiple transactions.

The government moved Bitcoin to major cryptocurrency exchanges and trading entities, including Coinbase, Bitstamp, Cumberland, Kraken and Flow Traders.

Also read: Crypto Funds See $441M Inflows As Mt. Gox Bitcoin Pressure Eases

Source: Arkham

Bitcoin price drops to $55,000 

The final transaction by the German government was to Bitstamp where 1,400 BTC was moved. Following these back to back transactions, the price of Bitcoin dropped to the $55,000 level.  

Bitcoin was showing signs of slight recovery as BTC climbed from its recent low of $54,300 to $58,000. The market was showing signs of relief because of this, as Ethereum and other coins also showed a mild recovery.

However, as soon as the German government began moving over $600 million in BTC over the last few hours, the price reversed course.

Also read: Golem Moves 36,000 Ethereum To Binance And Coinbase Amidst Market Uncertainty

According to the latest data, Bitcoin dropped to its current price of $55,797, dropping over 3% in the last 24 hours. The FUD around Mt. Gox BTC distribution and the German government offloading Bitcoin have affected the whole market.

Now, the market should await Ethereum ETF launch news to see whether the launch can trigger a positive market reaction.

Vignesh Karunanidhi

Vignesh has been a seasoned professional in the crypto space since 2017. He has been writing for over 6 years and specializes in writing and editing various types of crypto content, including news articles, long-form pieces, and blog posts, all focused on sharing the beauty of blockchain and crypto.

Vignesh Karunanidhi
Milk Road Writer
Vignesh has been a seasoned professional in the crypto space since 2017. He has been writing for over 6 years and specializes in writing and editing various types of crypto content, including news articles, long-form pieces, and blog posts, all focused on sharing the beauty of blockchain and crypto.