Germany moves more seized Bitcoin – Will BTC hold above $60K

Historically, traders know the weekend to carry negative sentiments for the crypto industry, especially Bitcoin. Last weekend in June, the crypto market shed millions, with BTC trading below $61,000.

Germany has moved more seized BTC during early morning trading hours. Will BTC hold above $63K or tank to new lows?

Germany Dumps More Bitcoin

For the last month, the German government has moved considerable amounts of BTC to centralized crypto exchanges (CEX). Today, German authorities moved 1500 BTC as part of an ongoing series of sell-offs from BTC seized in the illegal film piracy site Movie2k.

According to data from Arkham Intelligence, the German government moved the BTC to Kraken, Coinbase, and Bitstamp. With Bitcoin’s current market value, the moved coins are worth above $82.07 million to Coinbase, Kraken, and Bitstamp.

Arkham data shows that Kraken and Coinbase each received 100 BTC, while Bitstamp took the larger share, 200 BTC. Bitstamp and Kraken are the biggest beneficiaries of the BTC dumps. Later, a transfer of another 500 BTC was made to a wallet associated with Coinbase. On June 26th, Germany moved 250 BTC to these exchanges. With today’s BTC move, Germany has now dumped approximately 2,700 BTC.

Also Read: German Government Moves 900 Bitcoin to Coinbase and Kraken

The sell-offs have been tied to market tensions. The first time Germany moved BTC, Bitcoin lost over $2,000 in trade. According to CoinGecko, BTC’s worth stands at $62,737.71 at the time of writing. 

BTC has surged over 2% in the last 24 hours, but the price has improved slightly in the previous week. Data from CoinMarketCap shows a recovering market, especially in altcoins. The market’s Fear and Greed Index stands at 49.

Ethereum (ETH) is up 2.37% and retails at $3,464. BNB is in high demand in present crypto trades, currently retailing at $528 and expected to clock $600 by the end of July.

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Also Read: German Government Moves 250 Bitcoin Worth $15.42m

Florence Muchai

Florence Muchai is an experienced crypto journalist with 4 years experience in Crypto, Blockchain, Web3, NFT and AI. Florence holds a Bachelor's Degree in Disaster Management and International Diplomacy. She also has a Master's Degree in Clinical Psychology. Florence enjoys being a digital nomad and her writings tell value, wealth and in-depth understanding of decentralized and traditional finance.

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