In a significant move for the cryptocurrency market, the German government has completely liquidated its Bitcoin holdings, which were seized from the pirate movie site “Movie2k.”
This sale, spanning over a month and worth billions, had raised concerns about downward pressure on BTC prices. However, Bitcoin has shown a remarkable recovery, with prices rebounding to $62,500
While uncertainties remain about potential sales from other governments, Bitcoin’s technology adoption and demand continue to grow, suggesting a positive future for the cryptocurrency. Read more to stay updated on this evolving story.
German Government’s BTC Holdings Drop to Zero
A significant concern in the cryptocurrency world, the German government has sold all its Bitcoin (BTC) holdings, as revealed by a report from “Arkham.”
The German government had seized approximately 50,000 BTC from the pirate movie site “Movie2k” and had been selling off these holdings since June 19, 2024.
The sell-off, which amounted to billions of dollars, raised fears in the crypto community that this selling pressure could cause a decline in Bitcoin prices.
However, over the course of about a month, the German government has managed to sell all of its Bitcoin. On July 13, 2024, the cryptocurrency and blockchain analysis firm “Arkham Intelligence” reported that the German government’s Bitcoin holdings had reached zero.
Bitcoin Price Recovers to $62,500
It remains unclear how much the German government’s BTC sell-off impacted Bitcoin’s price decline, but signs of a substantial recovery began around July 12. At the time of writing, Bitcoin’s price has recovered to $62,500.
Despite concerns over potential sales from other government agencies, such as those in the United States and the United Kingdom, Bitcoin continues to see expanding technological applications and increased demand, especially with the rise of spot ETFs.
These factors contribute to a positive outlook for further recovery and potential price increases in the future.
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