US Dumps $240 Million Worth Bitcoin on Coinbase

Krutika Adani

US Dumps 3940 Bitcoins

The US government dumped 3940 Bitcoins worth $240 million on Coinbase, presumably to sell them.

Followed by German Govt Sales

The German government has also transferred 900 Bitcoins to sell them in the open market.

Why Are They Selling Now?

Bitcoin sales might be happening now as the prices are at crucial support and at risk of further decline. The sellers might be expecting to sell them at the highest possible price.

Impact on Bitcoin’s Price

The selling might result in an oversold market, with Bitcoin’s price plunging below $60k.

Levels To Watch

Bitcoin has lately struggled to hold $62k. Any decline at this stage could result in a marketwide liquidation and push the price towards $55k.