• Bitcoin (BTC) price fell to beneath $56,000 because the German authorities offered extra BTC
• On-chain knowledge exhibits Germany despatched greater than 16,000 BTC to exchanges on Monday – the biggest transfers in a single day.

Bitcoin price fell under $56,000 once more on Monday, dropping by about 2% on the time of writing as Germany took its BTC promoting spree to a brand new stage.

Per on-chain knowledge monitoring the Bitcoin held by the German authorities, Monday noticed greater than 16,000 BTC despatched to crypto exchanges – the biggest such dump by the government-controlled pockets in a single day.

The promoting intensified amid transfers of two,700 BTC, 5,200 BTC and eight,100 BTC in fast succession over a two hour interval.  

“The German Government sent another 5200 BTC ($297.3M) to Kraken, Bitstamp, Coinbase and 139Po right after we posted this tweet. That makes this the biggest day for them so far – over 16,000 BTC in total,” the Arkham workforce posted on X.

Bitcoin price dips amid sell-off

Bitcoin response to the promoting, which has persevered over the previous few weeks, noticed Bitcoin price dip from intraday highs of $57,877 to round $55,130.

Germany seized 50,000 bitcoin from Movie2k earlier this 12 months. Over the previous few days, it has accelerated its promoting to see the whole holdings cut back quickly to 23,787 BTC on the time of writing. The bitcoin’s worth reached over $3.6 billion when BTC price skyrocketed to it’s all-time excessive in March.

Nonetheless, with greater than half offered and BTC price hovering round $55.8k, the whole worth of the BTC has dropped to $1.34 billion.

Bitcoin price has declined greater than 10% up to now week.