German Government Ready to Sell Next $276M BTC!

Since the Bitcoin halving, the market has seen a flurry of bad news for a few days, from the recent announcement by Mount Gox to repay its eligible customers with Bitcoin and Bitcoin Cash, to the German government's sale of Bitcoin. has arrived Yesterday we saw a flurry of Bitcoin sales in the market as the German government continued its Bitcoin sale after sending around 3,100 BTC worth about $178 million in the space of an hour.

The German government has simultaneously withdrawn about 1,700 bitcoins in addition to selling them. This amount was recovered from Bitstamp and the exchange they were holding. Bitstamp recovered BTC holdings from the exchange, worth about $91.78 million. They didn't even stop selling, they moved about 3,107 BTC more from their BTC holdings. And this amount of BTC transfers certainly indicates preparations for another big upcoming sell-off.

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The government addresses that hold about 26000 bitcoin holdings worth about one and a half billion dollars in government addresses. Also the address used for the country's off-load holdings currently holds around 4,800 BTC. As we suddenly saw in the market yesterday a trend of Bitcoin sales by the German government. As a result, the market had some effect on the price of Bitcoin. They even transferred into an unknown wallet. Also, the amount of bitcoin holdings they have and the way they are doing it and from there it can be assumed that they are well prepared for a bigger selloff. If this is the case then we will see a slight downtrend in the market again.

But one more important thing is that even after the sale of this amount of btc by the German government yesterday, the price of bitcoin continued to increase and yesterday the price of bitcoin was trading around $59 thousand. Moreover, there are still many customers who are confident in buying Bitcoin. Although we saw the price of Bitcoin hit its all-time high last March, since then the price of Bitcoin has gradually started to decline and is currently trading around $57,000 to $58,000. However, various events are coming to the market centered on the upcoming bull market.

Recent data show little progress, raising confidence in reaching the 2% inflation target. However, currently low interest rates will help bitcoin investments. Also important is that Wall Street traders expect a 72% chance of the US Federal Reserve cutting interest rates in September. Lower interest rates can help increase investment in BTC if interest rates are much lower. Compatible with BTC sell-offs. Moreover, operations and reserves that are sold-off generally indicate a decline in BTC mining activity. As a result, mining activity may bring market sentiment to its bottom.

So all the investors who are present must trade carefully especially those who are scalping or trading for very short period of time. If you are trading with a long term plan then it is a different matter and therefore I think you should do dollar cost averaging with caution. Moreover, at present, such events give us some opportunity because when the market comes down, we get another opportunity to buy the coins at a new discount offer. However, caution should be exercised. Because if the German government starts selling the rest of the BTC, then the market will definitely have an impact and the price of Bitcoin will drop a lot along with the price of altcoins will drop a lot.