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Bitcoin crash continues as Germany sells half of its $900 million assets : Tech : Tech Times

The start of the week was not good for Bitcoin as the declining performance over the weekend led to a new drop for the coin due to Germany’s recent move to sell its BTC holdings. About half of the Bitcoins held by the German government were sold recently, leading to the continued crash of BTC in the market after a massive crash last week.

Last Friday, Bitcoin was trading at around $56,000, with a low of $53,000. However, that decline is still ongoing.

Bitcoin crash continues as Germany sells half of its BTC

Arkham Intelligence shared a report on the recent dumping of more than half of the German government’s Bitcoin holdings earlier this week, leading to a new crash for the top crypto. Germany is said to have moved as many as 16,309 Bitcoins to external addresses and exchanges, including Bitstamp, Coinbase, and Kraken.

(Photo: André François McKenzie on Unsplash)

It was also reported that Germany has transferred its bitcoins to market makers including Cumberland DRW and Flow Traders. This is one of the latest moves.

This led to a three percent drop for Bitcoin and a low valuation of around $55,000, after a major crash that saw BTC reach a valuation not seen since January.

Also read: CryptoWatch: Silvergate Settlement with SEC, Crypto Hacks in 2024, Bitcoin Crash and Mt. Gox

Germany Drops $900 Million in Bitcoin, Causing a 3% Drop

Of Germany’s 50,000 Bitcoin, it sold 16,309 coins worth $900 million in the past month, resulting in a 3 percent drop before rebounding to $56,000 but still down 1.2 percent. Germany now holds just 23,788 Bitcoin worth $1.3 billion, with CoinDesk reporting that the German and U.S. governments are selling seized assets.

Bitcoin’s Performance in 2024

After two tumultuous years prior, Bitcoin was considered to be one of its most significant risers in 2024 as it saw a massive performance for almost two full quarters. By the end of May, many were rallying for the top cryptocurrency as it climbed once again to as high as $71,000 two months ago, with experts believing it was headed for a new all-time high, hitting $80,000.

However, the performance was short-lived as it hovered around $68,000 in early June but dropped to $65,000 in the second week. The blockchain’s top coin has not recovered since then and it also saw a significant drop in the remaining weeks of June, playing around the $63,000 mark but not rising significantly as per predictions.

Early July saw a turn for the worse for Bitcoin, as its first week saw it plunge from $63,000 to its all-time low of $53,000, before eventually settling at $56,000 to end the week. This second week in July has seen another crash for Bitcoin, seeing it drop as much as 3 percent but still holding on to $56,000, spurred on by the German move to sell off as much as half of its holdings to start the week.

Related article: Bitcoin Crash: Will It Drop Below $50,000? Mt. Gox Refunds Lead to Massive Depths for Crypto

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