German Government Dumps $350 Million More in Bitcoin, Triggering Price Dip

• German authorities aggressively sell 5,853 BTC worth $350 million in hours.
• Bitcoin’s market value drops to $58,667.97 amid the liquidation.
• Germany’s Bitcoin wallet now holds 18,110 BTC, potentially easing bearish pressure.

German authorities resumed selling Bitcoin on July 10, but this time more aggressively. Data from Arkham Intelligence reveals nine transactions have offloaded 5,853.489 BTC, valued at approximately $350 million, within hours.

This latest round of liquidation is occurring through exchanges such as Kraken, which received 750 BTC; Coinbase, which received 500 BTC; and market maker Cumberland, which received 536.108 tokens. Concurrently, Flow Traders acquired 1,112.281 tokens, while OTC entity “139Po” received 2,250 Bitcoins from the German government.

This renewed sale comes as the crypto market experiences a reprieve from the recent downturn, which saw Bitcoin plunge to around $53,000. Earlier today, Bitcoin reached a daily high of $59,416 amidst remarks by U.S. Fed chairman Jerome Powell regarding economic inflation.

However, as the German government moves Bitcoin for liquidation, BTC’s value has fallen to $58,667.97 at press time. Following this latest offloading, the government’s Bitcoin wallet holds 18,110 Bitcoin assets worth $1.06 billion.

Notably, German authorities held around 22,846 Bitcoins yesterday and 45,609 as of June. At their current rate of offloading crypto assets, their wallet could be depleted this month, potentially alleviating some of the bearish pressure exerted on the crypto market by these transactions.

Meanwhile, another bearish event looms with the impending repayment by the bankrupt Japanese exchange Mt. Gox, scheduled for this month. Unlike the German authorities, Mt. Gox holds at least 140,000 BTC, valued at around $9 billion.