During the recent market recovery, the German government transferred an additional 700 Bitcoin, estimated to be worth $40 million.
The German government has transferred 700 Bitcoin (BTC) valued at approximately $40 million to a wallet. This prolongs the sequence of transactions that occurred during the price decline and ensuing recovery over the past 24 hours.
The market’s future has been the subject of speculation and price fluctuations due to recent actions regarding significant Bitcoin transfers.
German Government Implements New Transfer
According to on-chain data from Arkham Intelligence, the German government made a transfer of 700 BTC. According to the firm, the government has acquired Bitcoin worth more than $2.3 billion in recent sales.
Another surge of initial bearish sentiment was transmitted on social media platforms as a result of this action. Nevertheless, crypto users on X believe that the market recovery could overshadow the development.
The German government has transmitted more than 3,000 Bitcoin to various crypto exchanges and unidentified wallets. The market trajectory was downward on July 4, as 1,300 BTC, valued at approximately $76 million, were transferred to exchanges.
Subsequent to this initial transaction, Bitstamp received 500 Bitcoins valued at approximately $29 million, while Coinbase and Kraken received 400 BTC.
In conjunction with the announcement of Mt. Gox’s creditors’ repayment, these transactions precipitated a market decline that resulted in assets reaching levels that had not been seen in months.
Ethereum’s price plummeted below $3k for the first time in 50 days, while Bitcoin’s price declined below $55,000. In the interim, Joana Cotar, a German lawmaker, urged the government to halt the transactions, citing alternative alternatives. Cotar recommended that the government diversify its treasury by utilizing the assets.
Price of Bitcoin Increases
Bitcoin and crypto assets have experienced gains in the past 24 hours following the widespread sales that resulted in a price decline. In the wake of the U.S. Job Data release, this follows a series of favorable macroeconomic indicators.
Consequently, analysts anticipate an elevated likelihood of interest rate reductions in September. Today, the price of Bitcoin (BTC) is $57,871, representing a 2.21% increase, while the overall market experienced a 3% increase.
