"It's very annoying, I just want to go up and jump back. For false hope is true.”
Shortly after breaching $66,500, the price of cryptocurrency king Bitcoin (BTC) plunged back up to $64,591 as the German government sold BTC reserves seized from operators of massive movie piracy websites.
Explained further, the government has sold more than $195 million worth of BTC in the past 24 hours and then transferred a larger amount last Wednesday to several different wallets.
The landmark move follows a recent pattern of large-scale BTC transactions initiated by German authorities with large amounts channeled to major crypto exchanges such as Coinbase, Kraken and Bitstamp.
In the latest transaction, the German government moved $65 million worth of BTC on a possible deposit exchange and despite the massive sell-off, German authorities still hold $3.05 billion in BTC.
However, it should be noted that yesterday's BTC price briefly recovered above $66,000 following MicroStrategy's purchase of an additional 11,921 BTC worth $786 million, where the firm now owns 226,331 BTC in total.
Back to BTC's fall, the price was also affected due to whales selling $1.2 billion worth of BTC and some of those sellers were BTC miners selling their holdings to compensate for the reduced income.
As of this writing, BTC price has plunged by 0.31% to $64,903 in the past 24 hours with a market cap of $1.2 trillion and has recorded a 2.73% decline over the past week.