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The start of the week was not good for Bitcoin, as its declining performance over the weekend brought another drop for the coin because of Germany's recent move to sell its BTC holdings. As much as half of the Bitcoins owned by the German government were recently sold, prompting the continued crash of BTC in the market after a massive one last week.

Last Friday, Bitcoin settled at around $56,000, give or take, with its lowest point reaching $53,000, but that decline is still experienced now.

Bitcoin Crash Continues as Germany Sold Half of its BTC

Arkham Intelligence shared a report about the German government's recent dumping of more than half of its Bitcoin holdings at the start of the week, which led to another crash for the top crypto. Germany was said to have moved as many as 16,309 Bitcoins to external addresses and crypto exchanges, including Bitstamp, Coinbase, and Kraken.

It was also reported that Germany moved its bitcoin to 'market makers,' including Cumberland DRW and Flow Traders, in its latest move.

This led to a three percent drop for Bitcoin and saw its lowest valuation to around $55,000, following a significant crash that put BTC at a valuation it had not seen since January.

Germany Let Go of $900M Bitcoin Prompting 3% Drop

From Germany's 50,000 Bitcoin, it sold 16,309 coins worth $900 million over the past month, leading to a 3 percent drop before bouncing back to $56,000, but is still down by 1.2 percent. Germany now owns only 23,788 Bitcoin worth $1.3 billion, with CoinDesk reporting that the German and US governments are selling seized assets.

Bitcoin's Performance This 2024

After two tumultuous years before it, Bitcoin was regarded to have one of its most significant climbs in 2024, as it saw a massive performance for almost two full quarters. Towards the end of May, many were rallying for the top cryptocurrency as it was yet again climbing to as much as $71,000 two months ago, with experts believing it is on track for another all-time high and reaching $80,000.

However, its performance was short-lived as it settled at around $68,000 in early June, but by its second week, it saw a drop to $65,000. The top coin of the blockchain has not recovered since, and it also saw a significant decline over June's remaining weeks, playing at around $63,000 but not increasing significantly as opposed to the predictions.

The start of July saw a turn for the worse for Bitcoin as in the first week, it crashed from $63,000 to its all-time low of $53,000 before it finally settled to $56,000 as the week closed. In this second July week, there is another crash for Bitcoin, where it dropped as much as 3 percent, yet it still holds on to $56,000, prompted by Germany's move to sell as much as half of its holdings to start the week.