Bitcoin price is facing selling pressure due to two significant developments recently. The bankrupt crypto exchange Mt. Gox’s Bitcoin payments to its users and the German Government sending Bitcoin to centralized exchanges are prominent. In the latest development, the German Government sent 1,300 Bitcoin to the Coinbase, Kraken, and Bitstamp exchanges.
Bitcoin Transfer from the German Government
The German Government continues to send its Bitcoin holdings to centralized crypto exchanges. Recently, 1,300 Bitcoin worth 75 million dollars were sent to the Coinbase, Kraken, and Bitstamp exchanges. During this process, government officials sent 400 Bitcoin worth 23.24 million dollars each to the US-based crypto exchanges Coinbase and Kraken, and 500 Bitcoin worth 29.05 million dollars to the Bitstamp exchange.
As a result of this development, Bitcoin experienced an almost 1% drop and was trading at 57,590 dollars at the time of writing. In the last 24 hours, Bitcoin saw a 4.59% drop, falling below the daily EMA 200 average of 58,513 dollars, continuing to lose value.
