Germany Continues to Offload Bitcoin, Transfers Another 5,248.2 BTC to Exchanges

IconCryptoNewsTerminal Staff12 Jul, 2024

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Germany Continues to Offload Bitcoin, Transfers Another 5,248.2 BTC to Exchanges

Today, the German government completed a large-scale transfer of Bitcoin (BTC), sending a total of 5,248.2 BTC (worth approximately $301 million) to exchanges and market makers. This move is part of the government's ongoing efforts to divest its Bitcoin holdings, which currently stand at 3,846 BTC. Cryptocurrency on-chain analyst EmberCN noted the transaction on Twitter, stating that "today Germany's government transferred a total of 5,248.2 BTC (worth $301 million) to exchanges and market makers." With this latest transfer, EmberCN estimates that the German government will clear out its remaining BTC holdings within one day. The German government's decision to sell its Bitcoin has been met with mixed reactions. Some analysts believe that the move indicates a lack of confidence in the cryptocurrency's long-term value, while others view it as a strategic decision to take advantage of the current high prices. Despite the recent selloff, Bitcoin remains one of the most popular cryptocurrencies in the world, with a market capitalization of over $1 trillion. It is currently trading at around $57,000, down from its all-time high of over $69,000 set in November 2021.

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