{"id":625696,"date":"2024-06-20T23:00:00","date_gmt":"2024-06-20T23:00:00","guid":{"rendered":"https:\/\/ktsl888.com\/?p=625696"},"modified":"2024-06-20T18:24:36","modified_gmt":"2024-06-20T18:24:36","slug":"german-governments-bitcoin-dump-surpasses-195m-as-selling-spree-persists","status":"publish","type":"post","link":"https:\/\/ktsl888.com\/bitcoin-news\/german-governments-bitcoin-dump-surpasses-195m-as-selling-spree-persists\/","title":{"rendered":"German Government’s Bitcoin Dump Surpasses $195M As Selling Spree Persists"},"content":{"rendered":"

The German government has recently begun selling millions of dollars worth of Bitcoin (BTC) from a confiscated wallet, further contributing to the lack of catalysts for a price recovery in the cryptocurrency market.\u00a0<\/span><\/p>\n

The move comes as increased selling activity and unprecedented selling by long-term BTC whales have led to a sharp price correction, preventing Bitcoin from consolidating above $70,000 and retesting its previous all-time high.<\/span><\/p>\n

Whales And German Government Fuel Market Volatility<\/span><\/h2>\n

According <\/span><\/a>to blockchain analysis platform Arkham, the German government has initiated the process of selling Bitcoin on cryptocurrency exchanges. During Thursday’s morning trading session, $65 million worth of BTC was sent to two likely exchange deposits, including Coinbase.\u00a0<\/span><\/p>\n

NewsBTC <\/span>reported <\/span><\/a>on Wednesday that the German Government moved $600 million worth of BTC, with $130 million sent to four likely exchange deposits, including Kraken and Bitstamp. Arkham’s records indicate that the German Government still holds $3.05 billion worth of BTC.<\/span><\/p>\n

Related Reading: Cardano And XRP Shorting Activity Could Act As \u2018Rocket Fuel\u2019 For A Rally; Santiment<\/a><\/div>\n

In late January, the German police seized the country’s largest cryptocurrency, confiscating 50,000 Bitcoin worth $2.17 billion. The seizure occurred after the suspects voluntarily transferred the BTC to <\/span>official wallets <\/span><\/a>provided by the Federal Criminal Police Office (BKA).<\/span><\/p>\n

Moreover, recent on-chain <\/span>data <\/span><\/a>reveals that long-term BTC whales have sold a substantial $1.2 billion worth of Bitcoin over the past two weeks, further exacerbating the market downturn.\u00a0<\/span><\/p>\n

Bitcoin Price Analysis<\/span><\/h2>\n

In a recent <\/span>social media post<\/span><\/a>, technical analyst Mags, provided an insightful analysis of Bitcoin’s current price action, suggesting a potential mid-range breakdown. Mags highlights two possible scenarios for the market’s future direction:\u00a0<\/span><\/p>\n