The Aftermath of Zero Bitcoin in Germany: Implications for Crypto

Zero Bitcoin in Germany: What’s Next for Cryptocurrency?

Eventually, the German government cleared out its Bitcoin wallet. According to on-chain data, the government’s sell-offs were completed on July 12 through a sequence of transactions. According to information from Arkham Intelligence, the German government started selling yesterday, transferring 2,700 BTC to well-known exchanges, including Coinbase, Bitstamp, and Kraken. For these transactions, it also made use of other institutional deposit services. The cryptocurrency community has been discussing this decision and raising theories about how it might affect the market in the future.

German Government Shakes the Market with Bitcoin Sales: BTC Price Movement

They then received 4,169 BTC back, indicating that they made some preliminary efforts to control the impact of the sell-off. A further 2,300 BTC was sent to Kraken and other providers, and 748.25 BTC was sent to Cumberland.

Ultimately, 3,049 BTC were sent to an institutional deposit service, and 752.17 BTC were sent to Flow Traders. Bitcoin’s price jumped a little from $57,232 to $57,896 due to the German government’s complete disengagement. Bitcoin is currently trading at $58,359 as of this writing. Though some in the crypto world expected that the government would “deeply regret” its choice, others expressed relief at this outcome.

• On June 19, the German government went on a sales rampage that had a substantial daily influence on the market.
• When the sales picked up steam, Bitcoin was selling at almost $65,000, but it has stayed below $60,000.

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