Bitcoin experienced a brief surge above $62,000 during the early Asian session before retreating to $61,400. The price drop was influenced by significant on-chain activity involving the German government’s BTC holdings. According to blockchain sleuth Lookonchain, Germany transferred 750 BTC, worth over $46 million, with 250 BTC being sent to crypto exchanges Bitstamp and Kraken. This move suggests that the country may be preparing to sell the tokens as part of a divestment of BTC seized from a privacy website. The market faced additional bearish pressures as a result of this action, with the government holding more than 45,000 BTC. Ether also followed bitcoin’s downward trend, falling from $3,425 to $3,375, while the CoinDesk 20 Index (CD20) retreated by about 0.14%.
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