Saxony's Bitcoin Sell-Off Triggers Massive Price Decline

08.07.2024 11:10 95 times read Reading time: 2 minutes 0 Comments

Bitcoin Price Declines: Saxony Causes Crypto Shock

The price of Bitcoin has plummeted massively in recent days, and the German state of Saxony might be to blame. According to a report from BILD, the Free State is currently selling large quantities of Bitcoins from a confiscated wallet worth approximately 2.5 billion euros. These sales have led to an oversupply in the market, further depressing the price.

After Ten Years: Whale Moves Millions in Bitcoin

According to BTC-ECHO | Bitcoin & Blockchain since 2014, a so-called "whale" has moved a significant amount of Bitcoins after ten years. A total of 140 Bitcoins worth over eight million US dollars were transferred. Such movements can have a significant impact on the market, especially if the coins are subsequently sold.

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Severe Losses: Saxony Fuels Bitcoin Crash - n-tv.de

n-tv also reports on the impact of the sale of confiscated Bitcoins by Saxon authorities. In their article Severe Losses: Saxony Fuels Bitcoin Crash - n-tv.de, it is explained that these sales could have made a significant contribution to the current price decline. The pressure on the cryptocurrency market is further exacerbated by other large holdings that have been seized worldwide from criminals and may also be sold.

Markets in the Morning: Bitcoin Drops Again Under Pressure

In a video report by DER AKTIONÄR TV, it was reported that the sell-off in Bitcoin continues, and it is losing value again. Alongside other individual stocks like Munich Re and Porsche AG, the cryptocurrency market remains under heavy scrutiny.

Sell-Off: Bitcoin Drops to $55,000 - BTC-ECHO

BTC-ECHO | Bitcoin & Blockchain since 2014 reports a nighttime sell-off from July 7 to 8, during which the Bitcoin price temporarily fell to $54,450. At the time of writing, it was quoted at $55,505. This decline has led many investors to reassess their positions, while cryptocurrencies like Ethereum, Solana, and others have also suffered losses.

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Article Summary

The price of Bitcoin has significantly dropped due to the sale of confiscated Bitcoins by Saxony, causing an oversupply in the market. Additionally, a whale moved 140 Bitcoins worth over eight million US dollars after ten years, further impacting the market.

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A well-known and established cloud hosting company. With a good entry point and in a good market phase, a good ROI can also be generated with some patience. Unfortunately, we see the durations as a major drawback.