Germany Sells 900 Bitcoin. A cryptocurrency wallet named “German Government (BKA)” has been responsible for the transaction of more than 54 million dollars worth of Bitcoin. On June 25th, the German government’s wallet received three distinct transfers totalling 900 Bitcoin BTC, equivalent to $61,468.
The Coinbase exchange received a transaction involving 200 Bitcoins, while the Kraken exchange received a second transaction involving 200. Despite this, the on-chain intelligence firm Arkham Intelligence claimed a third transaction was sent to an unidentified wallet called “139Po,” with a value of 500 BTC (equivalent to more than $30 million).
Although the identity of the pocketbook known as “139Po” is still unknown, the German government has previously dealt with these issues. Two Bitcoins, one worth 800 on June 20 and the other for 500 six days earlier, were delivered to the German government’s official address. After today’s transactions, the wallet is still in possession of 46,359 Bitcoin, as stated by Arkham Intelligence.
Will Germany Devalue Bitcoin Below $60,000?
Germany Sells 900 Bitcoin: With more than $2.8 billion worth of Bitcoin housed in the government-labelled wallet, the price of Bitcoin could potentially drop below the psychological level of $60,000 if selling pressure significantly increased.
According to data provided by Bitstamp, the price of Bitcoin was trading slightly above $61,000 as of 9:40 a.m. UTC. This represents a continuation of a downward trend that began 11 percent down the monthly chart and more than 7 percent down the weekly chart. Willy Woo, a well-known expert, has hypothesized that the price of Bitcoin will undergo a correction that may last for as long as four weeks before continuing its upward trend.
“Following this model… very likely another one to four weeks of cooling down before Bitcoin price action is sufficiently dull,” the analyst stated in a post that he sent out on June 22 to his more than 1.1 million followers on X. The total number of gamblers who are actively participating in the market is shown in the figure.
More German and Mt. Gox Bitcoin Selling Pressure?
Concerns regarding the possibility of Bitcoin sales were initially raised on June 19, when a wallet labeled by the German government transferred 6,500 Bitcoins worth more than $425 million. The fact that the majority of Bitcoin is being sent to centralized exchanges rather than to wallets that are not labelled may indicate that the government is attempting to sell Bitcoin.
As of February 2024, more than 50,000 Bitcoins were stored in the wallet prior to the transfer. The funds are believed to have originated from Movie2k, a website that hosts movies that are not licensed for distribution. The defunct cryptocurrency exchange Mt. Gox’s announcement that it would begin repaying its customers who had previously used its services could introduce more selling pressure on Bitcoin in July.
After over a decade of waiting, about 127,000 creditors from Mt. Gox have finally received the $9.4 billion worth of Bitcoin they were entitled to. If this occurs, there is likely to be significant selling pressure on Bitcoin.
