The German government has made another transfer of 700 Bitcoin (BTC), valued at approximately $40 million to an undisclosed wallet.
This transaction seems to be part of a series of Bitcoin transfers by the government, including a transaction of 1,500 BTC (approximately $94 million) on July 1st and 282 BTC (approximately $18 million) on July 2nd to various cryptocurrency exchanges including Kraken, Bitstamp, and Coinbase.
According to on-chain data provider Arkham Intelligence, the German government’s current Bitcoin holding is worth over $2.3 billion.Â
These large-scale transfers, combined with other market factors such as the announced repayment to Mt. Gox creditors, have contributed to a temporary downturn in the cryptocurrency market.
Last week, German lawmaker Joana Cotar commented on these transactions, proposing that the government should consider using its Bitcoin holdings to diversify the national treasury.
But, despite initial market reactions, the cryptocurrency sector has shown signs of recovery with Bitcoin’s price has rebounded to $58,212 according to CoinMarketCap, representing a 2.57% increase in the last 24 hours.
The overall cryptocurrency market capitalization has also grown by 3%, supported by positive U.S. economic data and speculation about potential interest rate adjustments.
Also Read: Brace for Mt. Gox Creditors 99% Bitcoin Sell-off: Analyst
