tl;dr
The German Government has sold off all its Bitcoin, with the last 3,846 BTC worth approximately $223.81 million being moved to Flow Traders and 139Po. As a result, the balance in the government's wallet now reads 0 BTC. The weeks-long selloff has triggered a downtrend in the crypto market, but with ...
German Government Concludes Bitcoin Selloff
The German Government has sold off all its Bitcoin, with the last 3,846 BTC worth approximately $223.81 million being moved to Flow Traders and 139Po. As a result, the balance in the government's wallet now reads 0 BTC.
The weeks-long selloff has triggered a downtrend in the crypto market, but with the liquidation possibly over, the market may start its recovery phase. The price of Bitcoin has already increased by 0.91% in the past 24 hours to $58,236.12, signaling a potential upsurge.
Despite the end of the German threat, Bitcoin still faces potential headwinds from US and Chinese government stockpiles. Additionally, the repayment of Mt.Gox beneficiaries poses a significant challenge for long Bitcoin traders.
According to Arkham Intelligence, the wallet address tagged “German Government” no longer has any Bitcoin (BTC) to sell after about a month of unrelenting selloff, providing relief for the market.
While the threat from Germany might be over, Bitcoin still faces a significant headwind from other regions. The United States and China both have BTC stockpiles that might get offloaded, and the repayment of Mt.Gox beneficiaries remains a significant challenge.