Markets
Bitcoin Price Falls as Germany Sells $2 Billion of BTC in One Week
Cryptocurrency markets declined on Friday amid a recent acceleration in the German government’s efforts to dump its Bitcoin holdings.
At the time of writing, the wallet reported as belonging to the German government holds just 3,846 BTC ($223,000) — down from 50,000 BTC ($3.2 billion) on June 19, according to Arkham Intelligence.
Arkham data shows that the wallet transferred 13,951 BTC ($800 million) to exchanges such as Bitstamp, Coinbase, and Kraken, as well as brokers and market makers such as Flow Traders and Cumberland DRW.
The price of Bitcoin (Bitcoin) fell 2% over the past 24 hours to finally trade at $58,000, according to CoinGecko. Ethereum (ETH) fell 1.3% and is trading at $3,120. Polkadot (POINT) and Solana (GROUND) both fell 4%.
BTC/USD. Source: CoinGecko.
Only seven of the top 100 cryptocurrencies by market cap posted gains of more than 1% on the day. Ripple (XRP) led the pack with 3.1%, followed by MakerDAO (MKR) with 2.3% and Cronos (CRO) with 1.6%.
Bonk (BONK) suffered the biggest loss at 9.9%, followed by Arweave (AR) at 8.2% and Brett (BRETT) at 7.1%.
Germany abandons Bitcoin
In January, German authorities announcement They had seized 50,000 BTC from an individual linked to Movie2k, a pirated movie distribution site. His bitcoin stash remained untouched until June 19, when Germany began disposing of his assets.
The selloff intensified last week, with wallet balances dropping from 40,000 BTC ($2.2 billion) on July 8 to 3,846 BTC ($223,000) today. The data suggests that Bitcoin markets have absorbed the heavy selling with relative ease despite last weekend’s losses. violent sale.
“It’s incredible that this selling pressure has been absorbed and the price of Bitcoin is around $60,000,” tweeted Michael Van de Poppe, CEO of MN Trading.
Spot Bitcoin exchange-traded funds (ETFs) also had a bullish week despite the sell-off, with the sector attracting positive inflows from $675.9 millionaccording to Farside. BlackRock’s IBIT fund saw inflows of $402 million, followed by Fidelity’s FBTC with $243 million.
Stock markets are rising
S&P 500 futures also edged higher, while the Dow Jones Industrial Average jumped 0.1%. Nasdaq 100 futures edged lower, down 0.11%.
US Treasury yields also checked in a slight increase. The yield on the 10-year Treasury note rose more than three basis points to 4.225%, while the yield on the 2-year Treasury note rose slightly to 4.516%.
Rising Treasury yields could indicate that investors are uncertain about future inflation and interest rates.
Markets are expecting data from the producer price index (PPI), which monitors wholesale prices, to be released later in the day.
Related: Cryptocurrency markets surge as inflation hits three-year low