German Government Sold 1,300 Bitcoin, Triggering the Price Drop
The German government sold 1,300 Bitcoin today, totaling $76.5 million, causing Bitcoin’s price to drop below $58,000.
Arkham Intelligence reported that 500 BTC went to Bitstamp, 400 BTC to Coinbase, and another 400 BTC to Kraken. Additionally, 1,700 BTC worth $98.76 million was moved to an unknown wallet, hinting at further sell-offs.
Since mid-June, the government has offloaded nearly 10,000 BTC, reducing its holdings to 40,359 BTC worth $2.32 billion. This systematic liquidation aims to manage exposure to the volatile crypto market.
Earlier, they moved 832 BTC worth $50 million and 361.877 BTC valued at $22.65 million to Flow Traders.
READ MORE: Bitcoin Drops to $57,300, Marking a 2-Month Low
Bitcoin’s price has dropped 4.88% in the last 24 hours, now at $57,504.57, with the overall crypto market down 5.02%. Trading volume surged by 58.71% to $36.48 billion.
The price fluctuated between $60,558.36 and $57,338.45. Open interest decreased by 4.25% to $30.39 billion. Long liquidations hit $78.79 million, while short liquidations totaled $12.71 million.
Alexander Stefanov
Reporter at CoinsPress
Alex is an experienced finance journalist and a cryptocurrency and blockchain enthusiast. With over five years of experience covering the industry, he deeply understands the complex and constantly evolving world of digital assets. His insightful and thought-provoking articles provide readers with a clear picture of the latest developments and trends in the market. His passionate approach allows him to break down complex ideas into accessible and insightful content. Follow up on his content to be up to date with the most important trends and topics - stay ahead of the curve with CoinsPress.
