July 24, 2024

Taylor Daily Press

Complete News World

Germany buys back 1 million worth of Bitcoin from crypto exchanges

Germany buys back $111 million worth of Bitcoin from crypto exchanges

The German government has previously sold large quantities. Bitcoin (BTC). This has raised questions about negative pressure on the price. We have recently seen this reflected in a significant drop to around $54,000.

In a remarkable development, the German government has decided to buy back a large amount of the cryptocurrency. This is evident from data from blockchain analysis platform Arkham Intelligence.

Bitcoin Tsunami Looms: We Discover How EU Rules Put USDT at Risk

Bitcoin Tsunami Looms: We Discover How EU Rules Put USDT at Risk

Bought 1915 Bitcoin

The government is said to have purchased a total of 1,915 bitcoins, worth $111.5 million. The exchanges where the government offered the cryptocurrency are Kraken, Bitstamp, and Coinbase.

The first transaction of 1,047 was made on Friday morning. Bitcoin The place, which was worth a total of $57.2 million. About 547.4 BTC of that amount was sent to liquidity provider Flow Traders. The rest may have been sent to institutions or over the counter Over-the-counter (OTC) services.

At the time of writing, Germany still holds a significant amount of the cryptocurrency. After these transactions, the government has 40,526 bitcoins left in its wallet, worth about $2.3 billion.

Justin Sun offers assistance.

Justin Sun, founder of Tron (TRX), progress Earlier this week, he asked the German government to end the series of sales. He offered to buy a large amount of Bitcoin from the German government, worth more than $2.3 billion, over the counter. This would reduce the negative price effects on the market.

Cryptocurrency Market Hopes for Interest Rate Cuts

After the recent decline, investors are hoping that the bottom has been reached. News about interest rate cuts by the US central bank, the Federal Reserve, may give the price another boost. This Thursday It will be an important day when the new Consumer Price Index (CPI) is announced.

Inflation unexpectedly rose in the first quarter of 2024, meaning that the Fed’s six expected rate cuts did not happen. Inflation has now been falling for several weeks, which could be positive news for Bitcoin. If the CPI falls again on Thursday, it could be confirmation that the Fed needs to cut rates in September, which could be good news for Bitcoin.

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