Bitcoin (BTC) Price Drops 3.5% to $64.7K as German Government Resumes Selling Seized BTC Assets

Bitcoin in the last hour has dropped by nearly 1.2% continuing an underwhelming trend that has witnessed the asset drop by over 9% in the last two weeks.

Bitcoin, the primary crypto asset, dropped by 3.5% on Friday morning to $64,700 as volatility shook the asset following a humungous sell-off of Bitcoin assets by the German government.

Bitcoin in the last hour has dropped by nearly 1.2% continuing an underwhelming trend that has witnessed the asset drop by over 9% in the last two weeks.

According to industry experts, the drop in Bitcoin prices was triggered by the massive sell-off of seized Bitcoin assets by the German authorities.

German authorities resumed selling off massive portions of Bitcoin assets from a large cache of Bitcoin seized from Movie2k.to, a large movie piracy website.

The cache of Bitcoin seized from the movie piracy site owners is valued at around $3 billion and was seized in 2020. German authorities seized over 50,000 BTC from the piracy website back in 2020 and described the bust as the most extensive security of Bitcoins by law enforcement authorities in the Federal Republic of Germany to date.

In just two days, German authorities have sold off about $325 million worth of Bitcoin from the seized stash. There is also a huge possibility of further sales of the Bitcoin asset by the German authorities, explained Blockchain Analytics firm Arkham.

Arkham took to X to share their observation reeling out specific figures to back it up.

“UPDATE: German Government Still Selling BTC > $195M So Far. In the past 2 hours, the German Government sent $65M in BTC to 2 likely exchange deposits (Coinbase). Yesterday, the German Government moved $600M BTC, sending $130M BTC to 4 likely exchange deposits (Kraken, Bitstamp). Right now, they still hold $3.05B in BTC.” – Arkham Tweeted

Bitcoin spiked in March to an all-time high of $73,797 before pulling back. But then it slumped to $56,527 in May before recovering.

The recent decline of Bitcoin is not solely due to the German sell-off. The bearish trend in the market came at a time when major indices such as the S&P 500 also slumped following wider negative signals in the general financial market.

News source：https://www.kdj.com/cryptocurrencies-news/articles/bitcoin-btc-price-drops-k-german-government-resumes-selling-seized-btc-assets.html

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