Ongoing Sell-Off
The German government has continued to sell off its Bitcoin holdings. Today, the Federal Criminal Police Office (BKA) sold about 2,786 BTC, worth around $67 million.
Transfers to Exchanges
Five of the transactions were direct transfers to crypto exchanges and market makers, suggesting the government intends to sell. The largest transfers included:
- 125 BTC to Bitstamp ($7.7 million)
- 125 BTC to Kraken ($7.7 million)
- 345.338 BTC to Flow Traders
Broader Trend
This is part of a larger trend of the German government selling Bitcoin. Last week, it sold 400 BTC ($24 million) and 500 BTC to an unknown address.
Market Impact
The German government’s sell-offs have contributed to a 6% decline in Bitcoin’s price. The price briefly fell below $60,000 after Mt. Gox announced it would distribute $9 billion in Bitcoin and Bitcoin Cash.
Critical Support Level
Bitcoin’s price is currently hovering above a critical support level of $60,000. If it closes below this level, it could trigger a further decline in price.
