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Bitcoin Drops as German Government Unloads Over $900M Worth of BTC…

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by Krisztian Sandor at CoinDesk

  • Germany transferred 16,309 bitcoin from its holdings to crypto exchanges and market makers on Monday.
  • The bitcoin price fell to as low as $55,000 before recovering.

Bitcoin (BTC) fell on Monday afternoon in Europe as the German government transferred over $900 million worth of assets from its bitcoin holdings, blockchain data shows.

According to blockchain data platform Arkham Intelligence, Bitcoin wallets labeled as belonging to the German government moved a total of roughly 16,309 BTC in several batches to external addresses, including to crypto exchanges Bitstamp, Kraken and Coinbase and market makers Flow Traders and Cumberland DRW.

Blockchain data of the German government's BTC holdings (Arkham Intelligence)
Blockchain data of the German government’s BTC holdings (Arkham Intelligence)

Bitcoin’s price dropped 3% to as low as $55,000 shortly after the last group of blockchain transactions totalling 8,700 BTC. Later, it rebounded to slightly above $56,000, still down 1.2% over the past 24 hours.

The price action came after last week’s slide to the lowest…
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