CoinWorld reports:
The price of Bitcoin has dropped below $56,000 as the German government sells more Bitcoin. On-chain data shows that Germany sent over 16,000 Bitcoin to exchanges on Monday, marking the largest single-day transfer.
The price of Bitcoin fell below $56,000 again on Monday, down about 2% at the time of writing, as Germany takes its Bitcoin sell-off frenzy to a new level.
According to on-chain data tracking Bitcoin held by the German government, over 16,000 Bitcoin were sent to cryptocurrency exchanges on Monday, marking the largest such dump from government-controlled wallets in a single day.
Within two hours, rapid consecutive transfers of 2,700 BTC, 5,200 BTC, and 8,100 BTC intensified the sell-off.
The Arkham team posted on X, “After we tweeted this, the German government sent an additional 5,200 BTC ($297.3 million) to Kraken, Bitstamp, Coinbase, and 139Po, making it their most significant day yet with a total of over 16,000 BTC.”
The price of Bitcoin drops amidst the sell-off
Bitcoin’s response to the sell-off has been ongoing in the past few weeks, with the price dropping from a intraday high of $57,877 to around $55,130.
Earlier this year, Germany seized 50,000 Bitcoin from Movie2k. In the past few days, it has accelerated the pace of the sell-off, with the total holdings rapidly decreasing to 23,787 BTC at the time of writing. When Bitcoin reached its all-time high in March, its value exceeded $3.6 billion.
However, with over half of the sales and the Bitcoin price hovering around $5.58 million, the total value of Bitcoin has dropped to $1.34 billion.
The price of Bitcoin has dropped over 10% in the past week.
