Germany Dumps More Bitcoin, Will BTC Hold Above $63K?
Germany has been making waves in the crypto industry as they continue to dump seized Bitcoin onto centralized exchanges. The latest move saw the German government transferring 1500 BTC to popular exchanges like Kraken, Coinbase, and Bitstamp, totaling over $82 million in market value.
This ongoing series of sell-offs stems from BTC seized in the illegal film piracy site Movie2k. The German authorities have now dumped approximately 2,700 BTC in total, causing ripples in the market each time they make a move.
The first time Germany moved BTC, Bitcoin lost over $2,000 in trade, showing the impact these sell-offs have on the market. Despite this, Bitcoin has seen a slight surge of over 2% in the last 24 hours, with its current value standing at $62,737.71.
While Bitcoin struggles to maintain its position, other altcoins like Ethereum (ETH) and BNB are seeing positive growth. Ethereum is up 2.37% and retails at $3,464, while BNB is in high demand and expected to reach $600 by the end of July.
As the market remains volatile, traders are keeping a close eye on Bitcoin’s performance, wondering if it will hold above $63K or tank to new lows. With Germany’s continued sell-offs, the crypto industry is in for an interesting ride in the coming days.
