BTC Tops $57k Despite German Government’s Bitcoin Selloff

TL;DR

• Bitcoin is up by more than 3% in the last 24 hours and is trading above $57k

• The German government continues to sell its BTC stash after sending thousands of bitcoins to exchanges and market makers.

BTC Rallies Past $57k Despite German Selloff

The cryptocurrency market is recovering from last week’s selloff after its positive performance on Monday. Bitcoin, the leading digital currency by market cap, is up by more than 3% in the last 24 hours and is currently trading at $57,318 per coin.

The positive performance comes despite the German government’s continuous Bitcoin selloff. Data obtained from the blockchain analytics platform Arkham revealed that the German government transferred 133.722 bitcoins to market maker Cumberland DRW Monday before sending 5,200 bitcoins to market maker Flow Traders, 2,350 bitcoins to Bitstamp, 2,050 bitcoins to Coinbase, 1,250 bitcoins to crypto exchange Kraken and 1,000 coins to the B2C2 Group.

These transactions came after the German government moved 250 bitcoins to Bitstamp, 250 bitcoins to Coinbase, and 500 bitcoins to an unlabelled address presumed to be an OTC service or unlabeled exchange address earlier on Monday. 

Despite these selloffs, Bitcoin’s price rebounded on Monday, adding more than 3% to its value. The positive performance also saw altcoins recover nicely, with most up by 3% or more.

Ether, the leading altcoin by market cap, is trading above $3k once again after adding 5.5% to its value in the last 24 hours. Cardano (ADA) is the best performer amongst the top 10, up 6.7%. 

Meanwhile, Solana (6.4%), Dogecoin (4.5%), BNB (3.8%), XRP (3.5%), and TON (1.8%) are also trading in the green zone. With these rallies, the total cryptocurrency market cap is up 3.7% and now stands at $2.11 trillion.