German Government Continues to Dump Bitcoin Reserves

IconCryptoNewsTerminal Staff07 Jul, 2024

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German Government Continues to Dump Bitcoin Reserves

Whale-watching analyst Jacob King at Weiss Ratings reported that the continued selling pressure on Bitcoin (BTC) is coming from the German government as they continue to dump their reserves. King refuted rumors that the German government was buying again, claiming that they simply moved some of their sell orders back into their government accounts. The news comes as Bitcoin has been struggling to maintain its value, with the price falling below $20,000 for the first time in months. The German government's decision to sell its Bitcoin reserves is likely to further weigh on the price of the cryptocurrency.