Fun

German gov’t transfers another $900M in Bitcoin, adding to BTC’s selling pressure

News Feed - 2024-07-09 06:07:14

Nancy Lubale2 hours agoGerman gov’t transfers another $900M in Bitcoin, adding to BTC’s selling pressureRepeated Bitcoin transfers to centralized exchanges suggest the German government plans to sell the remaining $1.3 billion in BTC holdings.1007 Total views27 Total sharesListen to article 0:00Market AnalysisOwn this piece of crypto historyCollect this article as NFTJoin us on social networksA “German Government (BKA)” labeled cryptocurrency wallet has sold another $900 million worth of Bitcoin, sparking fears that the related selling pressure will push BTC price lower. 


According to onchain data from Arkham Intelligence, the wallet associated with the German government transferred a total of roughly 16,309 Bitcoin (BTC) in multiple transactions to various external addresses on July 8. This marks its largest single-day Bitcoin liquidation. Some of the transfers were to crypto exchanges Bitstamp, Coinbase, and Kraken and market makers Flow Traders and Cumberland DRW.


In one of the largest transactions, 3,500 BTC was sent to Flow Traders, 200 BTC to Kraken, 400 BTC to Bitstamp and 400 BTC to Coinbase.BKA BTC transfers. Source:Arkham Intelligence


Another 700 BTC, worth over $38.5 million, was sent to the wallet “139Po,” which remains unknown but has previously received funds from the German government, including 550 BTC on July 2, 500 BTC on June 25 and 800 BTC on June 20.


Following these transfers, Bitcoin price dropped sharply during the European trading session, falling as much as 6.75% from a high of $58,200 to as low as $54,278, shortly after the last group of blockchain transactions bringing the total to 8,700 BTC.


With the latest transfers, the German government is more than halfway through its selling spree. According to Arkham data, its holdings have been reduced to 23,788 BTC, worth $1.3 billion, from 50,000 BTC since it started offloading the digital asset in June.


This drop in Bitcoin price triggered massive liquidations across the crypto market. According to data from Coinglass, a total of $425 million leveraged positions have been liquidated across the crypto market — $216 million of which were long liquidations.


More than $189 million in Bitcoin positions have been liquidated over the last 24 hours, $87 million of which have been liquidated over the last 12 hours alone. Of these, $81 million were long BTC positions, against $107.97 million short BTC liquidations.Total crypto liquidations. Source: Coinglass


Bitcoin appears to have amassed significant support at the $54,700 mark. However, a move below it would liquidate approximately $750 million worth of cumulative leveraged long positions across all exchanges, according to Coinglass data.Bitcoin exchange liquidation map. Source: Coinglass


Related:Bitcoin weakness spurs $441M digital asset inflowsMt. Gox repayments could introduce more Bitcoin selling pressure


The long-awaited repayment process for the creditors of the defunct crypto exchange Mt. Gox has begun, with repayments in Bitcoin and Bitcoin Cash (BCH) scheduled.


On July 5, Nobuaki Kobayashi, the trustee for the Mt. Gox bankruptcy estate, said in a statement that it had begun repaying some of the creditors in Bitcoin and Bitcoin Cash through several designated crypto exchanges.


The balance to be repaid stands at a significant $9 billion worth of BTC and BCH, as well as additional funds held by the trustee.


Adding to the Bitcoin selling pressure is news that crypto exchange Bitstamp aims to swiftly distribute its portion of Bitcoin repayments to Mt. Gox creditors, even though it has up to two months to do so once it receives the coins.


This comes after a small amount of Bitcoin was moved out of wallets associated with Mt. Gox, according to blockchain analytics firm Arkham Intelligence, with $2.71 billion being transferred from the exchange’s cold wallet, supposedly in readiness for the repayments.Source:Arkham


Market participants still expect Bitcoin prices to climb again, continuing the bull market once the expected near-term selling pressure from the Mt. Gox repayments and German government selling cools off.


At the time of publication, Bitcoin was trading at $56,433, down 1.52% over the last 24 hours.


This article does not contain investment advice or recommendations. Every investment and trading move involves risk, and readers should conduct their own research when making a decision.# Bitcoin# Cryptocurrencies# Analysis# Bitcoin Price# Bitcoin Analysis# Markets# Cryptocurrency Exchange# Market Update# Market AnalysisAdd reaction

News Feed

US deputy treasury secretary calls for additional tools to sanction crypto firms
Turner Wright3 hours agoUS deputy treasury secretary calls for additional tools to sanction crypto firmsWally Adeyemo cited a recent settlement with crypto exchange Binance and sanctions against crypto mixer Sinbad in ca
Bitcoin spot volumes confirm crypto markets’ ‘euphoric’ phase — Glassnode
Nancy Lubale5 hours agoBitcoin spot volumes confirm crypto markets’ ‘euphoric’ phase — GlassnodeData suggests that a fresh influx of investor capital marks the crypto market entering a euphoric phase.2281 Total v
Thailand Plans to Become ‘Crypto-Positive Society’ — Governor Says ‘Crypto Is the Future’
Thailand Plans to Become "Crypto-Positive Society" — Governor Says "Crypto Is the Future" Thailand is laying the groundwork to become a “crypto-positive society” wi
Regulate Stablecoins – Don’t Squash Them
Nathan Kaiser is a founder of Eiger Law and a fellow at the Berkman Klein Center for Internet & Society at Harvard University. He has two decades of professional experience in Greater China focusing on corporate l
On The Verge: Strategy’s Recent Purchase Positions Total Bitcoin Holdings Near 600,000
Reason to trust Strict editorial policy that focuses on accuracy, relevance, and impartiality Created by industry experts and meticulously reviewed The highest standards in reporting and pu
The Girles Token Presale Raised Over $1 Million – What to Expect?
The Girles Token Presale Raised Over $1 Million - What to Expect? sponsored Girles Token is a decentralized NFT GameFi token created on the Ethereum platform that also has a Proof-o
Ripple Partners With Africa-Focused Remittances and Payments Firm MSF Africa
Ripple Partners With Africa-Focused Remittances and Payments Firm MSF Africa Ripple, the United States-based tech firm, has said its crypto solution known as “on-demand liqui
$99 AI necklace puts a ‘friend’ around your neck
Tom Mitchelhill4 hours ago$99 AI necklace puts a ‘friend’ around your neckThe tech entrepreneur who built a COVID-19 tracker as a teen in 2020 has now launched a new AI-powered necklace to combat loneliness. Some say
SBF sentencing: Letters highlight efforts to recover FTX funds
Ana Paula Pereira5 hours agoSBF sentencing: Letters highlight efforts to recover FTX fundsThe FTX collapse and initial efforts to recover funds are described in new letters attached to Sam Bankman-Fried’s sentencing su
Bitcoin Bullish Outlook Confirmed By Critical Data – STH Overheating?
Este artículo también está disponible en español. Bitcoin has had a volatile week, with its price fluctuating between a local high of $69,500 and a low of $65,000. Follow
Paraguay floats temp crypto mining ban as illegal ‘farms’ cripple grid
Jesse Coghlan5 hours agoParaguay floats temp crypto mining ban as illegal ‘farms’ cripple gridThe ban would last 180 days or until new laws are enacted and the national power grid operator can ensure it can supply su
Zain Jaffer8 hours agoMark to market accounting meets crypto: New FASB changesThe volatility of Bitcoin and other cryptos is really more a function of who is buying and selling these assets.346 Total viewsListen to artic