itcoin is again making headlines in the crypto market as new headlines emerge as it concerns the German government and continuously liquidates the world's number one asset.
German Government Makes Another Astonishing Bitcoin Sale
The German government has skyrocketed the amount of Bitcoin sold to $6,306 BTC as they refuse to hit the pause button while continuing in their carefree act of selling BTC according to a report from Arkham Intelligence. This action has raised concerns in the crypto space as many people are worried about its potential effect on the market.
The state refused to heed recent financial warnings from many experts including that of a member of the state parliament Joana Cotar concerning the liquidation strategy embraced by the government to offload its own BTC of which a majority of the assets were seized in high-profile criminal cases.
This action took place on Tuesday, as a total amount of 6,306 BTC which is to equivalent to $362 million was transferred to a known wallet address, according to Arkham data.
The German government still has a large amount of Bitcoin in its possession regardless of the carefree disposal of the world's number one digital. The government still holds more than 22,000 BTC worth over $1.32 billion.
The German government's actions have caused so many eyebrows to be raised in the crypto market. It is believed that this act of selling had a significant effect on the Bearish market that was experienced last week.
VanEck Makes Strategic Move to Buy Dip
The path taken by the German government is not encouraging anyone to invest in the market, but VanEck seems to have little worry about what is going on as the institution went ahead to purchase the dip which has been deemed a strategic move by the head of the institution Matthew Sigel.
