Germany's actions on the Cryptocurrency Market: Analysis and Prospects
Date: 2024-06-26 Author: Oliver Abernathy Categories: BUSINESS
In the last days of June 2024, Germany continued to actively sell bitcoins, withdrawing significant funds to crypto exchanges, despite a temporary drop in prices for the first cryptocurrency.
Sales and Withdrawals on Crypto Exchanges
On June 25, 2024, German authorities withdrew 400 BTC from a controlled account to the Coinbase and Kraken platforms. The move followed the sale of about $200 million worth of Bitcoin in the previous days. Moreover, the assets were sold during a period when prices for cryptocurrencies were declining.
Financial Indicators and Market Valuation
At the time of trading, Bitcoin is valued at $60,783, which gives a valuation of $24.3 million for 400 BTC. This figure is significantly lower than the estimated valuation before the June 24-25 crash, which would have been about $25.6 million.
Despite the temporary decline in prices, the Bitcoin portfolio of the German authorities continues to be in the zone of unrealized profits. Total unrealized gains amount to an impressive $1.1 billion, underscoring the stability of the government's digital asset management strategy.
The decision to continue the withdrawal and sale of bitcoins by the German authorities in the face of temporary fluctuations in the cryptocurrency market speaks of a strategic approach to the management of digital assets. Despite possible price fluctuations, the country maintains financial stability and unrealized profits, which makes it one of the key players in the global cryptocurrency arena.
