Publicly available Bitcoin price tracking websites such as CoinMarketCap or CoinGecko

German Government's Bitcoin Sell-Off Causes Market Volatility, Prices Drop Below $55,000

Jul 8, 2024, 06:56 AM

The German government has been actively selling its Bitcoin holdings, contributing to significant market volatility. Initially, Germany sold a substantial amount of Bitcoin, causing prices to drop. However, in a surprising move, the government bought back 1,915 BTC worth $111.5 million. Despite this buyback, the ongoing sell-off has continued, with Germany transferring another 1,000 BTC to exchanges like Bitstamp and Coinbase. The government's actions have led to Bitcoin prices fluctuating, with the cryptocurrency trading below $55,000 at times. Additionally, the repayment of Bitcoin by the failed Mt. Gox exchange has added to market pressures. As of now, the German government still holds 39,826 BTC worth $2.2 billion, but the market remains unstable due to these large-scale transactions.