In a recent update, the German government has made a Bitcoin transfer of 700 Bitcoin (BTC) with the Bitcoin price being approximately $40 million to a digital wallet. This move is seen as a part of a series of transactions that have contributed to fluctuations in the cryptocurrency market over the past 24 hours.
According to data from Arkham Intelligence, this transfer adds to the existing value of the German Government’s total Bitcoin holdings of $2.3 billion. Earlier, the government transferred over 3,000 BTC across various exchanges and undisclosed wallets, leading to mixed reactions within the crypto community.
Impact Of Bitcoin Transfers On The Crypto Market
The social media was not too optimistic about these transactions. However, the X users are hopeful that these events might be hidden by the ongoing market recovery.
The series of transactions, including a significant movement of 1,300 BTC worth approximately $76 million to exchanges on July 4, initially drove prices downwards. Subsequent transfers of 500 BTC to Bitstamp and 400 BTC each to Coinbase and Kraken further fueled the market’s view. Consequently, Bitcoin prices dipped below $55,000, while Ethereum also saw a drop below $3,000 in nearly two months.
On the other hand, Joana Cotar, a German lawmaker, criticized the government’s Bitcoin sales, thus, questioning the government’s management of digital assets in between market fluctuations.
Recent Price Recovery Of Bitcoin
Bitcoin and other cryptocurrencies have seen an improvement in value over the past 24 hours. Positive macroeconomic indicators have boosted investor sentiment, with analysts anticipating potential interest rate cuts in the coming months.
As of the latest update, Bitcoin is priced at $57,101.64 reflecting a 0.65% increase today.
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