Germany’s BTC Sales Intensify Crypto Market Woes

Summary:
The German government has sold an additional 1,000 Bitcoin, contributing to the ongoing volatility in the cryptocurrency market. Over the past weekend, Bitcoin dropped over 9%, and today’s sales further destabilized the market. Currently, Bitcoin is valued at $57,879, a slight 0.3% increase in the past 24 hours but down 8% from a week ago. Germany’s recent sales include 1,200 BTC moved within three hours, with 1,000 BTC transferred to platforms like Coinbase and Bitstamp. In the past 20 days, Germany has offloaded 11,238.3 BTC, valued at about $670 million. Additionally, 133 BTC were sold to Cumberland DRW, raising market concerns. Despite these sales, Germany still holds approximately 39,610 BTC, worth around $2.23 billion. The global crypto market cap is currently $2.23 trillion, and recent movements by Germany and Mt. Gox have sparked fears of a potential new crypto winter.