Bitcoin price fluctuates on Metaplanet acquisition and German sale

Bitcoin price started the new week by continuing the downtrend that affected its price last week, before rising in early EU trading hours.

According to CryptoSlate According to the data, the BTC price fell to $54,450 during the reporting period and rose to $57,900 at the time of going to press.

Metaplanet buys

According to a July 8 announcement, Japanese firm Metaplanet now owns over 200 BTC following its recent acquisition of the flagship digital asset.

The company said it acquired 42,466 BTC for 400 million yen ($2.48 million) at an average purchase price of 9.4 million yen ($58,500).

Following this purchase, Metaplanet now holds 203,734 BTC worth $12.7 million, at an average price of $62,500.

Metaplanet said the purchase follows an agreement reached on June 24 by the company’s board of directors to purchase BTC for 1 billion yen ($6.3 million) of capital raised through a bond issue.

Meanwhile, the moves are in line with the company’s new focus on Bitcoin as its primary reserve asset. Metaplanet is the first publicly listed company on the Tokyo Stock Exchange to invest in Bitcoin and has been consistently buying the asset in recent months.

Google Finance data shows that this strategy has improved the company’s stock market performance, which has increased by about 400% since the beginning of the year.

Germany continues to sell Bitcoins

At the same time, the German government continued to actively sell Bitcoins.

This morning, a cryptocurrency address linked to the German government transferred approximately 1,000 BTC to centralized exchanges Coinbase and Bitstamp and to an unknown address.

Data from cryptocurrency analytics platform Arkham Intelligence showed the government transferred 250 BTC each to Coinbase and Bitsamp, while the remaining 500 BTC was sent to an anonymous address.

Reports suggest that this address could belong to a customer service office or a market maker. It is worth noting that this is not the first interaction with this address, as the government has sent almost 2,000 BTC to this wallet in the past three days.

Meanwhile, these latest transfers continue a trend that began last month, when the government sold more than 10,000 BTC and hurt the price of the flagship asset. At the time of going to press, the German government still held $2.2 billion in the top digital asset.

Last week, Tron founder Justin Sun offered to buy Bitcoin from the German government off-market to cushion the negative impact on the price of BTC.

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