Breaking: German Government Unloads 5,627 BTC onto the Market

IconCryptoNewsTerminal Staff11 Jul, 2024

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Breaking: German Government Unloads 5,627 BTC onto the Market

The German government has been steadily selling its stockpile of Bitcoin (BTC), and today it unloaded a significant amount onto the market. According to on-chain analyst EmberCN, the government transferred a total of 5,627 BTC to exchanges and market makers. This brings the total amount of BTC sold by the government since it began selling on June 19 to 39,933.4 BTC. The government currently holds 9,925 BTC. The reason for the government's decision to sell its BTC is unclear. However, some speculate that it may be due to the recent decline in the price of BTC. The price of BTC has fallen by more than 50% since its all-time high in November 2021. The sale of BTC by the German government is a significant event. It is the first time that a government has sold a significant amount of BTC. The sale could have a negative impact on the price of BTC, as it could lead to increased selling pressure. However, it is also possible that the sale could have a positive impact on the price of BTC, as it could increase demand for the cryptocurrency.

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