Markets
Bitcoin (BTC) Price Drops to $55,000 as German Government Moves Another $500 Million in Assets
Bitcoin (BTC) fell Monday afternoon in Europe, as the German government moved another $500 million in assets, blockchain data shows.
According to the blockchain data platform Arkham IntelligenceA Bitcoin address labeled as belonging to the German government moved 8,700 BTC to an intermediate wallet before transferring assets to cryptocurrency exchanges Bitstamp, Kraken, and Coinbase, and market maker Flow Traders.
Bitcoin price dropped 3% to $55,000 shortly after the blockchain transactions. It later rebounded to just over $56,000, still down 1.2% over the past 24 hours.
The price action came after last week’s decline to its lowest price since February. Market observers have pointed to a huge oversupply coming into the market during the relatively quiet, low-volume summer season, with the German and U.S. governments apparently selling off seized assets just as defunct cryptocurrency exchange Mt. Gox begins issuing refunds.
With the latest transfers, the German authorities have acquired they have now reduced to 23,788 BTC, worth $1.3 billion, from 50,000 BTC since it began selling tokens last month, according to data from Arkham.