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What impact did Mt. Gox and the German government's Bitcoin market sell-off have on the market?

According to data from blockchain analytics firm ARKM, an alleged German government address withdrew a total of 710 BTC from Kraken in two separate transfers six hours ago, and also received a total of 408 BTC from multiple anonymous addresses around the same time. It is unclear if the sales have stopped or are continuing through other channels.

Lennart Ante, co-founder of the Germany-based Blockchain Research Lab, commented, "The address that sold BTC recently is not the German federal government, but a small state in eastern Germany called Saxony. The wallet address is listed as the German government, but it's actually the German Federal Police (BKA) and the real owner is the Saxony State Prosecutor's Office. The BKA is disposing of the assets on behalf of a prosecutor or government agency, and it's a very routine part of their business," he says. "According to the manual, prosecutors are required to dispose of seized assets within a certain period of time, so it is likely that the Saxony State Prosecutor's Office is selling BTC. Alternatively, prosecutors may sell assets due to a decline in value or storage difficulties, which is highly unlikely to be the reason for the latest sale." German government-labeled addresses have recently sent large amounts of BTC to centralized exchanges and market makers.

Meanwhile, Vetle Lunde, a senior analyst at crypto research firm K33 Research, believes that the unstable crypto market conditions could continue into October. "The selling pressure from the German government and the Mt Gox redemption of 75,000-118,000 BTC will continue throughout the summer. This is equivalent to about $4.3-6.8 billion," he analyzed.

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Bitcoin supports $60K, break of $62K will change the trend and close nearly $700M worth of shorts

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