Bitcoin continues to surprise, and recent market events prove it can be as volatile as it is stable.
After all the market turbulence, a saga has come to an end.
The German government sold all its Bitcoin holdings, which were worth a total of $2.9 billion.
According to Arkham Intelligence, Germany’s wallet, designated as “BKA” has transferred its remaining 3,094 BTC to an over-the-counter selling service, effectively depleting all of its holdings.
BREAKING: The German Government is now out of Bitcoin.
The German Government just sent 3846.05 BTC ($223.81M) to Flow Traders and 139Po (likely institutional deposit/OTC service).
The German Government has 0 BTC ($0.00M) remaining. pic.twitter.com/R2vfylR1b2
— Arkham (@ArkhamIntel) July 12, 2024
At the time of writing, Bitcoin is trading at $58,230, reporting a minimum 1% increase in the last 24 hours.
Commerzbank, one of Germany’s largest financial institutions, is making a significant move into cryptocurrency by offering Bitcoin and Ethereum trading services to its corporate clients.
For the first time in 4 years, Fed cut the rates for the first time in 4 years, which lead to a notable surge in cryptocurrency prices.
Donald Trump, the Republican presidential nominee, made headlines by becoming the first former U.S. president to make a Bitcoin transaction.
Under President Nayib Bukele, El Salvador remains committed to its daily Bitcoin acquisition strategy, currently holding assets worth approximately $354.6 million.