Bitcoin [BTC] the world’s largest cryptocurrency has been in a slump lately. The asset dipped down below $54,000. The king coin is 22% below its peak of $73,750.07. The asset’s latest plunge was linked to Mt.Gox repayments as well as the German Government’s decision to sell off BTC. So how much Bitcoin has Germany sold so far and how many does it currently hold?
Throughout the last couple of days, Germany has sold plenty of Bitcoin. More recently, the government’s total holding dipped below 5000 BTC. After transferring 10,620 BTC, or $615 million, to cryptocurrency platforms Coinbase, Bitstamp, Kraken, Flow Traders, and two anonymous addresses, the wallet even momentarily dropped below 5,000 BTC on July 11, according to blockchain intelligence firm Arkham. This brought the total holdings down to 4,925 BTC. The government’s current BTC stash is worth about $283 million.
The government’s most recent holdings show a 90% drop from its initial days. The German government’s Bitcoin holdings, which were initially confiscated during a crackdown on a website that pirated movies in January, were 49,857 BTC at the time. The German government has not yet explained why they have been selling off their Bitcoin so quickly.
Also Read: Bitcoin Inflows: German Transfers and US ETFs
Is Bitcoin Still Suffering Because of This Sell-Off?
At press time, BTC was trading at $57,355.30 with a 1% daily drop. The asset restored hope in the market by surging over $59,000. Moving beyond this, the U.S. CPI data for June came lower than expected. On-chain data provider Santiment stated that is a sell-the-new movement for BTC. The firm wrote,
“The US CPI report came out today with news of a core CPI 3.3% rise vs. 3.5% expected, appearing bullish for crypto. However, with many already anticipating a good report and prices being driven up in the days prior, this was a perfect ‘buy the rumor, sell the news’ event.”
Also Read: JPMorgan Says Bitcoin & Crypto Market Will Rebound in August