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German Government Shifts $24 Million in Bitcoin as Crypto Market Fluctuates

Published 25/06/2024, 18:40
© Reuters German Government Shifts $24 Million in Bitcoin as Crypto Market Fluctuates
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Coin Edition -

  • The German government transferred 400 BTC worth $24M to Coinbase (NASDAQ:COIN) and Kraken.

  • An additional 500 BTC moved to an unknown wallet, totaling over $30M in assets.

  • Former President Trump will engage in the Bitcoin 2024 convention, influencing crypto politics.

A German government-linked Bitcoin wallet has transferred 400 bitcoins, worth $24 million, to major cryptocurrency exchanges Coinbase and Kraken, according to PeckShieldAlert.

Further details provided by PeckShieldAlert disclosed that the transactions originated from the Bitcoin address labeled as “bc1qq0…738z,” suspected to be linked to the German government. Initially, two separate transactions of 200 BTC each were processed, with the respective amounts sent to Coinbase and Kraken. This was followed by another transfer, a larger sum of 500 BTC valued at over $30 million, directed to a previously unknown wallet coded as “139Po.”

According to the latest data, the price of Bitcoin stands at $61,255.66, with a minor increase of 0.16% observed in the last 24 hours. Bitcoin’s market capitalization is $1.2 trillion, with an active trading volume of $38.3 billion during the same period. The total circulating supply of Bitcoin is now 19,716,425 BTC out of a maximum possible 21,000,000 BTC.

Technical analysis of Bitcoin’s daily price chart reveals a Relative Strength Index (RSI) of 32.06, suggesting that the currency might be oversold. This condition indicates a potential upcoming reversal in price trends.

Source: TradingView

Additionally, the Moving Average Convergence Divergence (MACD) is positioned below the signal line, hinting at a possible bearish sentiment in the market. Investors and traders are advised to closely monitor these indicators alongside broader market conditions before making financial decisions.

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