Odaily News Some analysts believe that the German government's massive selling of Bitcoin is the reason for the downturn in the cryptocurrency market. In addition, traders are worried that the stock market may have peaked and the US fiscal situation is weakening. According to previous monitoring by Arkham, an on-chain crypto analysis company, a wallet associated with the German government transferred 6,500 BTC to the exchange on June 19, which was worth $425 million at the time. The wallet held nearly 50,000 BTC, which was allegedly seized from Movie2k, a pirated movie website operating in 2013. Data showed that these BTC were sent to Kraken, Bitstamp and Coinbase. However, MicroStrategy's purchases offset the selling pressure because MicroStrategy disclosed that it had purchased an additional 11,931 BTC for $786 million. (Cointelegraph)