The German government transferred 2,700 bitcoins (BTC) worth approximately $154 million on Friday afternoon in Taiwan time. Some of the bitcoins were transferred to exchanges such as Coinbase, Bitstamp, and Kraken. Currently, the German government’s bitcoin wallet still holds 6,394 BTC, worth $365 million, which accounts for about 13% of the amount sold.
The encrypted cryptocurrency wallet labeled as “German Government (BKA)” by the blockchain intelligence company Arkham has transferred billions of dollars worth of bitcoins since June 19. Arkham stated earlier today that the wallet sent 10,620 BTC (worth $615 million) to Coinbase, Bitstamp, Kraken, market maker Flow Traders, and two anonymous addresses (possibly belonging to institutional deposit or over-the-counter trading service providers). After the transfers, the wallet was left with only 4,925 BTC, but some of the funds were later transferred back to the German government’s wallet.
Following the afternoon transfers today, the German government’s wallet now holds only 6,394 BTC, worth $365 million.
The German government’s sell-off and concerns about Mt. Gox exchange starting to repay creditors may be the reasons for the recent significant drop in bitcoin prices over the past few weeks. Data from the cryptocurrency derivatives analytics platform CoinGlass shows that the fear and greed index for the bitcoin market has fallen into the “fear” zone.
The fear and greed index measures the current sentiment in the bitcoin market. CoinGlass explains that when the index reaches “extreme fear,” it indicates that investors are overly worried, which may present a buying opportunity.
As of the deadline, the trading price of bitcoin was $57,070, with a decrease of approximately 1.7% in the past 24 hours and a decrease of 16% in the past month.
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