Germany’s Bitcoin Sell-Off Sparks Market Concerns

Germany’s Bitcoin Sell-Off Sparks Market Concerns

Germany has caused a significant stir in the cryptocurrency community by unloading over $54 million worth of Bitcoin in a single day. On June 25, the German Government’s (BKA) cryptocurrency wallet sold 900 BTC through three transactions, potentially putting downward pressure on Bitcoin’s price, which could drop below $60,000.

The initial two transactions involved 200 BTC each, sent to Coinbase and Kraken. The third, and largest transaction, saw 500 BTC (over $30 million) transferred to a mysterious wallet labeled “139Po,” which has had previous interactions with the German government.

Data from Arkham reveals that Germany transferred 800 BTC to “139Po” on June 20, followed by another 500 BTC on June 19. Despite these large transactions, the German government’s wallet still holds 46,359 BTC, with a total portfolio value of approximately $2.83 billion at a Bitcoin price of $61,129. This reflects a minor price drop of $66 and a portfolio value decrease of $3.06 million.

Germany has been notably active in the market. Recently, they received 300 BTC ($19.48 million) from Kraken and sent 200 BTC ($13.16 million) to Coinbase. Additionally, 800 BTC ($52.65 million) were transferred to wallet “139v6VcXR,” along with internal transfers amounting to 1,000 BTC ($65.96 million).

Bitcoin has been struggling amid ongoing fears related to the Mt. Gox incident, and Germany’s recent sell-offs have added further instability. Currently, Bitcoin’s price is $61,129, down by 0.38%. The 24-hour trading volume has increased by 32.45%, reaching $76.61 billion. The market cap stands at $1.20 trillion, with open interest (OI) declining by 2.85% to $32.36 billion. Over the past 24 hours, $101.13 million worth of Bitcoin has been liquidated.

In contrast, other cryptocurrencies have remained unaffected. Ethereum (ETH) has risen to $3,372.45, up by 1.27%. Solana (SOL) surged by 7.42%, Binance Coin (BNB) saw a slight increase of 0.13%, and Dogecoin (DOGE) jumped by 4.87%.

The market is showing mixed signals. The presence of more confirmed double-top patterns suggests resistance and potential downward reversals near recent highs around $62,000. The MACD (Moving Average Convergence Divergence) indicator shows that the market is entering a consolidation phase, with bearish sentiment prevailing. With 25 confirmed double tops compared to 12 double bottoms, the outlook for Bitcoin remains cautious.

    Newsletter | Every weekday

    Smart Central News Weekly Briefing

    Only top industry news of the week in your inbox