Continuing their trend of offloading the leading cryptocurrency, the German government is preparing to sell another $276 million worth of Bitcoin. Indeed, the country has already sent more than 6300 BTC to four different addresses early Tuesday, according to Arkham Intelligence.
The platform revealed that the government had sent the BTC accumulations to Kraken, Cumberland, institutional deposit service 139Po, and wallet address bc1qu. Moreover, Germany had sent as much as $184 million in BTC in 20 minutes. The government address used to sell the holdings currently has 4,800 Bitcoin worth $276 million that they are preparing to sell.
Also Read: German Government Sells $951M Worth of Bitcoin in a Single Day
German Government Continues Massive BTC Sell-Off
One of the biggest stories in crypto is the continued sale of Bitcoin from the German government. Monday saw the country sell more than $900 million in what was their largest BTC liquidation in a single day period. It looks like that activity is showing no signs of slowing down.
According to Arkham Intelligence data, the German government is preparing to sell another $276 million in Bitcoin. Specifically, the address that the country uses to deal the asset is currently holding more than 4,800 BTC. For many traders, the sell-off could have a massive impact on Bitcoin’s overall price.
Also Read: German Government Sells Bitcoin Worth $155 Million
The leading cryptocurrency has struggled since it reached an all-time high of $73,000 in March. However, it does seem to be steadying. Over the last 30 days, it has fallen more than 17%, according to CoinMarketCap. The asset is now trading above $57,400 and is up less than 1% over the last 24 hours.
The impact that the German government’s selling has on the token could depend on various factors. Including the Federal Reserve. There is an expectation that the US Central Bank could cut interest rates in September. That would massively impact Bitcoin. Specifically, lower interest rates could drive increased investment into the digital currency.