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The cryptocurrency operation initiated by the German government continues at full speed. On Thursday, more Bitcoin (BTC) was sent to exchanges, significantly reducing the number of BTC held.
Current Status of Bitcoin
According to data provided by Arkham Intelligence, Bitcoin wallets linked to the German government transferred a total of 10,567 BTC, valued at over $600 million, to exchanges such as Bitstamp, Coinbase, Kraken, Flow Traders, and Cumberland DRW.
After today’s transactions, the wallets owned by the German government saw a decrease from 50,000 BTC, valued at approximately $3 billion three weeks ago, to 4,925 BTC, currently worth $285 million.
Germany has sold over 35,000 BTC in the past week. If this pace continues, the BTC sales could conclude by Friday or early next week.
Bitcoin experienced a 15% correction last month. Events such as the MT. Gox creditor repayment process, the U.S. government sending its Bitcoin to exchanges, and actions taken by the German government triggered this correction.
What is the Current Bitcoin Price?
During these events, attention was also on the Bitcoin price. BTC continues to show a neutral trend today. After a 0.016% drop in the last 24 hours, BTC is trading at $57,400.
BTC price had risen above $59,000 earlier today but then pulled back. BTC’s market cap has decreased to $1.132 trillion and continues to move towards the $1 trillion level, causing investor concern.
Meanwhile, BTC’s 24-hour trading volume increased by over 8%. The value rose above $28 billion after the increase. Despite the stable price and volume, this rise in volume indicates a renewed interest in Bitcoin trading in the market.
In the coming days, the absence of BTC available for sale by governments and the completion of MT. Gox repayments could reduce selling pressure in the market. This could lead to a price increase, as JP Morgan predicted the cryptocurrency market might recover from August.
