TODAY: German Government selling up to 2700 BTC ($154.60M)
— Arkham (@ArkhamIntel) July 12, 2024
In the past hour, the German Government has sent 2700 BTC ($154.60M) to Kraken, Bitstamp, Coinbase, 139Po (likely institutional deposit/OTC service) and address bc1qu.
Since yesterday’s movements, the German Government… pic.twitter.com/XNyqgzPR7M
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Bitcoin: El Salvador's Reserves Will Soon Exceed Those of Germany
Sat 13 Jul 2024 ▪
3
min read ▪ by
Invest
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In recent days, the crypto community’s attention has been particularly focused on the selling pressure exerted by the German government. This is indeed having a considerable impact on the price of BTC. According to data, El Salvador could soon surpass Germany in terms of Bitcoin reserves. With daily purchases, El Salvador already reaches 5,808 BTC, while Germany continues to sell its reserves. What does this dynamic mean for the cryptocurrency market?
El Salvador accelerates its Bitcoin purchases
El Salvador’s interest in Bitcoin is no longer a secret. And even considering the current market volatility, the country seems to persist in its strategy.
For several months now, El Salvador has been buying 1 Bitcoin per day. At the time of writing this article, it has accumulated a reserve of 5,808 BTC (according to Glassnode). This daily purchasing strategy allows the country to gradually strengthen its cryptocurrency reserves.
President Nayib Bukele, a fervent advocate of Bitcoin, sees this strategy as a way to diversify the economy of the country.
Germany unloads its Bitcoin reserves
In contrast, Germany adopts a different approach by regularly selling its Bitcoin reserves. Recently, the German government sold 2,700 BTC, reducing its reserves to 6,894 BTC. This sale, valued at $154.60 million, shows a willingness to divest from digital assets. According to Arkham Intelligence, this strategy aims to redirect the funds toward other financial opportunities.
With Germany’s continuous Bitcoin sales, El Salvador is therefore poised to surpass Germany’s reserves. Currently, it would only take one more sale from Germany for El Salvador to take the lead in Bitcoin holdings.
El Salvador and Germany show two distinct strategies regarding Bitcoin. While one accumulates, the other sells. This dynamic could have significant repercussions on the crypto market. But not only that! It also influences the investors’ decisions.
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My name is Ariela, and I am 31 years old. I have been working in the field of web writing for 7 years now. I only discovered trading and cryptocurrency a few years ago, but it is a universe that greatly interests me. The topics covered on the platform allow me to learn more. A singer in my spare time, I also cultivate a great passion for music and reading (and animals!)
DISCLAIMER
The views, thoughts, and opinions expressed in this article belong solely to the author, and should not be taken as investment advice. Do your own research before taking any investment decisions.