Is The US Emulating Germany? $4 Million Bitcoin Movement Raises Questions
24 Julio 2024 - 6:30AM
NEWSBTC
With a huge sell-off of Bitcoin, the Germany has fundamentally
changed the bitcoin scene. Germany has recently offloaded an
astounding 49,850 BTC within a few weeks. Executed across many
exchanges including Coinbase, Kraken, and Bitstamp, the
transactions helped to reduce possible value loss. Related Reading:
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Apparently, the German government started these sales because of
worries about a notable drop in the value of Bitcoin. With the
average price for a Bitcoin about $57,000, the total earnings came
to a little over $2.8 billion. Fascinatingly, Germany lost out on
an extra $400 million in possible gains while Bitcoin is presently
valued at $66,425. Germany now only holds less than one BTC.
Strategic Bitcoin Moves By The US Government? The US government has
been making news with its own smart BTC moves as the dust settles
following Germany’s huge Bitcoin sell-off. Blockchain intelligence
platform Arkham Intelligence found on July 22, 2024 a noteworthy
transaction involving the movement of 58.742 BTC from a government
wallet to Coinbase Prime Deposit. Valued at about $4 million, this
move has generated interest and worries among the crypto community.
The US’ possession of around 213,200 BTC, with a valuation of
approximately $14.4 billion, consists mostly of assets confiscated
from criminal entities. The seizure of 69,370 BTC from the
notorious Silk Road case in August 2023 was the most publicized of
these seizures. Adding to the intrigue is this most recent move,
which comes after a previous transaction that took place on June 26
and saw the US government transferring 4,000 Bitcoin to the same
Coinbase wallet. Some people are concerned that the United States
may follow Germany’s example and begin a large sell-off as a result
of these developments. Germany & US Bitcoin Moves: Market
Effects Investors and market experts have not missed the
significant changes governments have made on Bitcoin. Already,
Germany’s sell-off illustrated the significant influence such
policies may have on investor confidence and market stability. The
worry of a comparable US government action has added even another
level of uncertainty to the market. Related Reading: Cosmos (ATOM)
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Bitcoin’s price has been going up and down a lot, so the market
mood has been tight. Bitcoin is currently selling at $66,420, which
shows how the market feels about these government actions. It has
lost more than 2% in the last 24 hours. These changes are causing
reevaluation of investor tactics. Although some view the government
sell-offs as a sign of caution, others view them as possibilities
for market corrections. The state of cryptocurrencies is still much
shaped by the behavior of big BTC holders, especially governments.
Featured image from Pexels, chart from TradingView
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