Recently, the action of the German government selling hundreds of millions of dollars worth of Bitcoin has been a major factor behind the cryptocurrency's sharp fall.
Germany's Federal Criminal Police Office (BKA) authorities sold 900 Bitcoins in June worth about $52 million as part of a massive seizure from a now-defunct piracy website.
Last week, the German government sold an additional 3,000 Bitcoins worth about $172 million and Monday (yesterday) German police sold another 2,739 of the giant cryptocurrency worth $155 million.
The authority has conducted its crypto trading activities on the Coinbase, Bitstamp and Kraken platforms.
Meanwhile, Bitcoin has seen a sharp drop to a low of around $53,000 on Friday which is the position in February 2024.
Looking at overall market sentiment, cryptocurrencies have lost more than $170 billion in 24 hours.
However, the massive sell-off by Germany is not the only concern for crypto investors. It is also under pressure from billions of dollars worth of digital currency payments from Bitcoin exchange Mt. Gox that went bankrupt in 2014.
Significant price changes since these two recorded circulation of around 19.7 million Bitcoins worth $1.1 trillion in the crypto market.
However, investors are now more focused on the impact of the sale on the current mode of the market.
