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El Salvador’s reserves will soon surpass those of Germany
Sat Jul 13, 2024 ▪ 3 min read ▪ by Ariela R.
In recent days, the crypto community has been particularly interested in the selling pressure exerted by the German government. This is indeed having a considerable impact on the BTC price. According to the data, El Salvador could soon overtake Germany in terms of Bitcoin reserves. With daily purchases, El Salvador already reaches 5,808 BTC, while Germany continues to sell its reserves. What does this dynamic mean for the cryptocurrency market?
TODAY: German government sells up to 2,700 BTC ($154.60 million)
In the last hour, the German government sent 2,700 BTC ($154.60 million) to Kraken, Bitstamp, Coinbase, 139Po (likely an institutional deposit/OTC service), and the bc1qu address.
Since yesterday’s movements, the German government… pic.twitter.com/XNyqgzPR7M
— Arkham (@ArkhamIntel) July 12, 2024
Germany persists with its Bitcoin sales strategy
El Salvador accelerates its Bitcoin purchases
THE Salvador’s interest Bitcoin is no longer a secret to anyone. And even considering the current market volatility, the country seems to be persisting with its strategy.
For several months, El Salvador has been buy 1 bitcoin per dayAt the time of writing, he has accumulated a stash of 5,808 BTC (according to Glass node). This daily purchasing strategy allows the country to gradually strengthen its cryptocurrency reserves.
President Nayib BukeleA staunch Bitcoin advocate, sees this strategy as a way to diversify the economy from the country.
Germany dumps Bitcoin reserves
On the other hand, Germany takes a different approach by regularly selling its Bitcoin reserves. Recently, the German government sold 2,700 BTC, reducing its reserves to 6,894 BTC. This sale, valued at $154.60 millionshows a willingness to divest from digital assets. According to Arkham Intelligence, this strategy aims to redirect funds towards other financial opportunities.
With Germany’s continued Bitcoin sales, El Salvador is now on the verge of overtaking Germany’s reserves. Currently, just one more sale from Germany would put El Salvador ahead. the leader in Bitcoin holdings.
El Salvador and Germany are exhibiting two distinct strategies regarding Bitcoin. While one is accumulating, the other is selling. This dynamic could have significant repercussions on the cryptocurrency market. But that’s not all! It also influences investors’ decisions.
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Ariela R.
My name is Ariela and I am 31 years old. I have been working in the field of web writing for 7 years now. I have only discovered trading and cryptocurrency a few years ago. But it is a world that interests me a lot. And the topics covered on the platform allow me to learn more. A singer in my spare time, I also cultivate a great passion for music and reading (and animals!)
DISCLAIMER
The views, thoughts and opinions expressed in this article are solely those of the author and should not be considered investment advice. Do your own research before making any investment decision.