The crypto market is facing increased volatility, leading to significant price drops. On-chain analysis revealed that a German government wallet sold 900 Bitcoin, raising concerns that BTC might drop below $60,000.
This wallet, linked to the German Federal Criminal Police Office (BKA), sent 200 BTC each to Coinbase and Kraken, and 500 BTC to an unknown wallet.
Bitcoin is down over 10% on the monthly chart and 3.95% over the past week, with market sentiment turning negative. The Fear and Greed Index shifted from extreme greed to fear within a week.
An announcement from the defunct exchange Mt. Gox also contributed to the market’s decline, as it plans to distribute $9 billion in Bitcoin and Bitcoin Cash repayments in July.
This repayment is expected to add selling pressure to the market. At the time of writing, Bitcoin is trading at $61,864, up 4.47% on the 24-hour chart.
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