Politics

Bitcoin Dips Below $58K Amid Major German Government Sell-Off

Jul 4, 2024 1 min read

Jump to Summary

Bitcoin's price has dropped below $58,000, marking its lowest level since early May. The decline is attributed to continued selling pressure from the German government, which has sold an additional 3,000 BTC. Recent transactions include 1,300 BTC transferred to major exchanges—400 BTC each to Coinbase and Kraken, and 500 BTC to Bitstamp—along with 1,700 BTC sent to an external address. The total value of these transactions is approximately $75 million, and the German government still holds a significant Bitcoin portfolio.

The move has led to concerns about increased selling pressure and its impact on Bitcoin's market price, which has seen a nearly 5% drop in the past 24 hours. The market is reacting to the increased supply, with investors closely monitoring potential further sales. The German government has transferred around $390 million in Bitcoin in just over a month, prompting comparisons to similar actions by the U.S. government. Despite the concerns, some proponents argue that these transactions constitute a small fraction of daily Bitcoin trading volumes. The overall cryptocurrency market is also experiencing heavy selling pressure, with Bitcoin falling below key support levels.

#bitcoin #cryptocurrency #business #finance #markets

Summary

Other news in politics

Americans Lose Billions to Scammers Annually, Most Go Unpunished

Internet and telephone scams are on the rise, costing Americans tens of billions of dollars annually, as noted by Kathy Stokes, director of fraud prevention at AARP's Fraud Watch Network. These scams predominantly target older individuals, who often fail to recover their lost money. Law enforcement agencies and

Saudi Leaders and Global Figures Congratulate Iran's Newly Elected President

Saudi Arabia's King Salman bin Abdulaziz and Crown Prince Mohammed bin Salman have congratulated Masoud Pezeshkian on his victory in Iran's presidential election. This follows a landmark deal in 2023 to restore diplomatic ties between the two nations after a seven-year dispute. King Salman expressed his

LSK President Faith Odhiambo Declines Ruto's Debt Taskforce Appointment

The Law Society of Kenya (LSK) and its President, Faith Odhiambo, have rejected President William Ruto's appointment to a presidential task force aimed at auditing the country's public debt. The LSK contends that the formation of this task force is unconstitutional, arguing that the mandate to

Sindh Bans Speeches of 143 Ulema and Zakireen for 60 Days During Muharram

The Sindh Home Department has imposed a 60-day ban on the travel and speeches of 143 religious scholars and preachers across 13 districts in the province due to security concerns during the upcoming month of Muharram. This decision follows a recommendation by Sindh Inspector General of Police Ghulam Nabi Memon.