German Government-Labeled Wallet Sells Over $54M Bitcoin, Fueling Market Uncertainty
Summary:
A digital wallet labeled "German Government (BKA)" recently sold over $54 million worth of Bitcoin in three transactions, one of which went to an unidentified wallet. This wallet still holds more than 46k Bitcoin, amounting to over $2.8 billion. Analysts speculate that large-scale selling could potentially impact Bitcoin prices, pushing them below the crucial $60,000 mark. Market expert Willy Woo forecasts a possible 1-4 week market correction before Bitcoin's price rally resumes. More updates will follow as the story develops.
A digital wallet designated as "German Government (BKA)" has offloaded Bitcoin worth more than $54 million. This move involved three separate transactions of the cryptocurrency being carried out on June 25. The first 200 Bitcoin (BTC) were transferred to online exchange platform Coinbase, while another 200 BTC were dispatched to the Kraken exchange. A final transaction of 500 BTC, equivalent to over $30 million, was directed to the “139Po” digital wallet, whose proprietor remains unknown, per blockchain data analysis company, Arkham Intelligence.
This isn't the first engagement between the German government and this elusive wallet, with past transfers including 800 BTC on June 20 and another 500 BTC on June 19. As it now stands, after the mentioned transactions, the "German Government (BKA)" digital wallet still holds roughly 46,359 Bitcoin, as reported by Arkham Intelligence.
Fears are looming that this digital wallet marked "German Government (BKA)", currently holding over $2.8 billion in BTC, might exercise significant selling force, potentially driving Bitcoin prices below the significant $60,000 threshold. Bitcoin seems to be on a downward trend, having dropped by 11% and over 7% on the monthly and weekly charts respectively. As of 9:40 a.m. UTC, it was hovering just above $61,000 on Bitstamp.
Prominent market analyst, Willy Woo, forecasts that Bitcoin might be looking at a 1 to 4 week-long market correction phase prior to a resumption in price increase. In a June 22 post to his million-plus followers, Woo stated: “Eyeballing this model... probably 1-4 weeks more of cooling down before #Bitcoin price action is sufficiently boring.”
This news is still unfolding, and we will update this report with new information when available.
Published At
6/25/2024 12:56:22 PM
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