German Government Sold $150 Million in Bitcoin Today

The German government has liquidated almost 50% of its Bitcoin holdings in the past month and there is no indication of this sell-off stopping any time soon.

During the past 24 hours, the German government’s Bitcoin address (BKA), sold 2,620 BTC for around $150 million.

Among the wallet’s many transactions, the most common recipients were Kraken, Coinbase and Bitstamp.

If these transactions continue to occur with the same pace, the BKA wallet will be emptied in no time. Although, it is unclear if the German government plans on selling all of their holdings.

This sell-off has had a heavy toll on the cryptocurrency market, accommodated with very high volatility. Altcoins are also in the red, with memecoins being the biggest losers.

At the time of writing Bitcoin is trading at $56,300 after a 1.65% price drop in the past 24 hours and a weekly decline of over 11%.