The German government sold 3,100 BTC worth $178 million in one hour, with additional sell-offs expected.
The German government has maintained its Bitcoin sell-off, sending around 3,100 BTC worth approximately $178 million in an hour on July 9.
At the same moment, the government withdrew approximately 1,700 bitcoin.
Bitstamp recouped around $91.78 million in BTC holdings.
At the time of writing, the German government had also removed an additional 3,107 BTC from its major holdings, indicating that it was prepared for another imminent sell-off.
The main government address currently holds around 26,000 BTC worth $1.5 billion, while the address used to offload assets now has 4,800 BTC worth $276.61 million.
The German government sell-off continues.
Since 7:30 a.m. UTC on July 9, there has been a total outflow of 3,100 BTC, with 2,500 going to an unknown B2C2 Group, 400 to the controlled exchange Kraken, and the last 200 to an unknown wallet.
On July 8, the German government sold another $900 million worth of Bitcoin, indicating that it intends to gradually sell off its remaining $1.5 billion in Bitcoin assets.
Despite the massive sell-off, the same 16,309 BTC sold is now worth more than $930 million, indicating that purchasers remain confidence in purchasing BTC at this price range.
Economic policy influence
Wall Street traders predict a 72% possibility that the US Federal Reserve will drop interest rates in September, which might stimulate BTC investment.
This macroeconomic tendency has a significant impact on assets such as Bitcoin since it is still viewed as a risky asset, as opposed to gold, which attracts liquidity during times of geopolitical turmoil.
Coinciding with the BTC sell-off, a decrease in BTC miner activity in operations and reserve sell-offs suggests that market sentiment may be nearing a bottom.
According to Bitfinex researchers, market data from July 6 and 7 confirmed this local low, despite Mt. Gox beginning its BTC and Bitcoin Cash (BCH) reimbursements.
Bitcoin could be set to comeback.
Despite the BTC sell-offs caused by the German government and Mt. Gox repayments to creditors, multiple evidence show that BTC is poised to recover.
BTC hit its lowest point since late February, reaching $53,550 before rebounding to current highs of $57,600.
However, the relative strength index indicator revealed an increasing gap between price decline and RSI value increase, indicating a lessening of sell pressure.