Subscribe for notification
Crypto

German Government Sells Final Bitcoin Holdings

After weeks of unloading its reserves onto the market, the German government has officially depleted its BTC reserves, thereby suppressing the price

Arkham Intelligence data indicates that Germany’s government liquidated its final Bitcoin holdings on July 12.

Following weeks of heightened selling pressure from the German government, which offloaded tens of thousands of Bitcoin in multiple tranches, the final transaction consisted of 3,093 Bitcoin being sent to a wallet address terminating in “ybVu.”

Source| Arkham Intelligence

The majority of the 50,000 Bitcoins that the German government disposed of in the past three weeks resulted from an asset seizure, which was a significant factor in the market’s failure to surpass the $60,000 price threshold and its 200-day exponential moving average.

Institutional investors purchased the decline amid the increased selling pressure. The week of July 8, according to data from CoinShares, United States exchange-traded fund (ETF) investors received $295 million in inflows, which reversed several weeks of suppressed inflows into the investment funds.

Nevertheless, the pricing of Bitcoin may remain suppressed in the upcoming weeks due to the selling pressure resulting from the $9 billion Mt. Gox reimbursement plan, which has contributed to the market’s climate of dread, uncertainty, and doubt in recent months.

James Emmanuel

James is a Computer Science student with a robust foundation in tech and a skilled DevOps engineer. His technical expertise extends to his role as a news reporter at Protechbro, where he specializes in crafting well-informed, technical content that highlights the latest trends and innovations in technology.

Disqus Comments Loading...

Recent Posts

Hackers Breach Tate’s Online ‘University,’ Steal Data

Hackers have infiltrated an online course that was established by Andrew Tate, a self-described misogynist and purported influencer The compromise…

4 hours ago

Apple Builds Conversational Siri with LLMs

Apple is reportedly working on an enhanced version of Siri, incorporating large language models (LLMs) to create a more conversational…

4 hours ago

YouTube Shorts Unveils AI Video Backgrounds

Thursday was the day that YouTube announced that its Dream Screen feature for Shorts now allows users to construct movie…

4 hours ago

Marissa Mayer Pitches Ad-backed AI Chatbot Model

Marissa Mayer proposes a business model for AI chatbots funded by advertising, highlighting potential opportunities for monetization Marissa Mayer possesses…

4 hours ago

Palo Alto Networks Warns of Firewall Breaches

By exploiting two new zero-day vulnerabilities discovered in widely used software developed by cybersecurity behemoth Palo Alto Networks, malicious hackers…

4 hours ago

Wiz Buys Dazz for $450M

Wiz, a cybersecurity company that has garnered significant attention, is acquiring a substantial amount of cloud security technology in order…

4 hours ago