German government prepares for next $276M Bitcoin sell-off

The German government has continued its Bitcoin sell-off after sending roughly 3,100 BTC worth around $178 million in the span of an hour on July 9, News.Az reports citing CoinTelegraph portal.

At the same time, the government also withdrew roughly 1,700 Bitcoin worth around $91.78 million from Bitstamp, recouping BTC holdings from the exchange.

At the time of writing, the German government has also shifted a further 3,107 BTC out of its main holdings, likely preparing for a further imminent sell-off.

The main government address currently holds around 26,000 BTC worth $1.5 billion, while the address used to off-load holdings currently holds 4,800 BTC worth $276.61 million.

The German government sold a further $900 million worth of BTC on July 8, suggesting plans to continue steadily selling off its remaining $1.5 billion in Bitcoin holdings.

That same 16,309 BTC sold is now worth over $930 million despite the mass sell-off, suggesting that buyers are still confident about buying BTC in this price range.

Despite the BTC sell-offs related to the German government and Mt. Gox repayments to creditors, several indicators suggest BTC is ready to bounce back.

BTC reached its lowest point since late February, touching $53,550 before reversing to current highs of $57,600.

News.Az