The German government has continued its massive Bitcoin sell-off, transferring 832 BTC (worth $50 million) in the last hour, according to Arkham Intelligence. This latest move brings the total amount of Bitcoin liquidated by the government in the past month to over 5,000 BTC, or 10% of its total holdings. The government initially seized these Bitcoins from pirated movie site operators in early January and held 50,000 BTC before the sell-off began on June 18th. Despite the recent sell-off, the government still holds 43,859 BTC, valued at approximately $2.74 billion. The motivation behind the government's decision to sell its Bitcoin holdings remains unclear. 

While the German government is selling, the price of BTC continues to be under pressure, currently trading at $62,442. However, CryptoQuant analyst Onchain Edge believes that the current price chart suggests a Wyckoff reaccumulation phase, characterized by consolidation between support at $57,178 and resistance at $71,587. This sideways movement is indicative of a potential reaccumulation phase, which could lead to a future price increase.

<p>The German government has been on an unstoppable spree of liquidating its Bitcoin holdings. As per the latest information on Arkham Intelligence, the German government has transferred a total of 832 Bitcoins worth $50 million in the last hour. German Government Moves Bitcoins to Top Exchanges Out of the 832 Bitcoins transferred, the German government <a class="mh-excerpt-more" href="https://coingape.com/breaking-german-govt-dumps-another-832-btc-13-bitcoin-holdings-eroded/" title="Breaking: German Govt. Dumps Another 832 BTC, 13% Bitcoin Holdings Eroded"></a></p>
<p>The post <a href="https://coingape.com/breaking-german-govt-dumps-another-832-btc-13-bitcoin-holdings-eroded/">Breaking: German Govt. Dumps Another 832 BTC, 13% Bitcoin Holdings Eroded</a> appeared first on <a href="https://coingape.com">CoinGape</a>.</p>

German Government Continues Bitcoin Sell-Off, Liquidating 13% of Holdings

### Bitcoin's Decline Amidst Global Turmoil
Cryptocurrencies experienced a **significant drop** on Tuesday night, with **Bitcoin** falling back to the **$60,000** mark. This decline comes as the crypto market typically enters one of its strongest months.

The flagship cryptocurrency was last recorded at **$60,972.62**, down nearly **4%**. At one point, it dipped as low as **$60,175**. Meanwhile, **Ether** traded at **$2,449.83**, reflecting a **5%** decrease.

### Impact on Crypto-Related Stocks
In the extended trading hours, stocks associated with virtual currencies also faced declines. **Coinbase** saw a **1%** drop, and **MicroStrategy** lost **2%**, continuing a trend from earlier losses of **7.4%** and **3.5%** respectively.

### Geopolitical Influences on Market Sentiment
The **rising tensions** in the Middle East have dampened investors' risk appetite as October begins. **Iran** recently launched a **ballistic missile attack** on **Israel**, escalating concerns in the region. Chris Kline, COO of **Bitcoin IRA**, noted that the unrest has driven **oil prices** up and strengthened the dollar, negatively impacting Bitcoin and similar speculative investments.

### October's Historical Performance
Despite a shaky start, October and November are historically strong months for Bitcoin. The cryptocurrency has finished higher in all but two years since **2013**, averaging nearly **23%** returns. This period is often referred to as **"Uptober"** among crypto investors.

However, Bitcoin has struggled to break past the **$70,000** ceiling, with a strong support level at **$55,000**. While some investors are skeptical about October's potential, many remain hopeful for new highs as the quarter progresses.

### Additional Economic Factors
Investors are also keeping an eye on a **strike** by members of the **International Longshoremen's Association** on the East and Gulf Coasts, which could significantly impact the U.S. economy depending on its duration.

![Bitcoin Market Trends](https://static-redesign.cnbcfm.com/dist/a54b41835a8b60db28c2.svg)


Cryptocurrencies slid on Tuesday night, with bitcoin dropping back to $60,000. The crypto has had a shaky start to what is usually one of its strongest months.

Bitcoin Dips Below $60K: What Rising Middle East Tensions Mean for Crypto Investors

## **Seaside Police Warn of Cryptocurrency Extortion Scam**

Seaside Police are sounding the alarm on **extortion scams** targeting victims through **cryptocurrency**. Scammers are sending emails demanding payments in cryptocurrency while falsely claiming to possess personal information or compromising photos of the victims. 

To intensify their threats, these scammers include **images** of victims' homes sourced from **Google Maps Street View**. However, police assert that the scammers lack any real compromising information. 

### **What to Do If You Encounter Such a Scam**
If you receive a scam email, police advise the following steps:
- **Do not panic**
- **Do not respond** to the scammers
- **Report the incident** to the **FBI’s Internet Crime Complaint Center** at [www.ic3.gov](http://www.ic3.gov). Make sure to include all relevant details, such as the email header and any cryptocurrency addresses.

If you have already made a payment and suspect you have been scammed, contact the **Seaside Police Department** at **831-394-6811** for assistance.

Police say the scammer’s goal is to extort money even though they do not have compromising information on the victims.

Beware: Seaside Police Alert Public About Cryptocurrency Extortion Scams

### Iran Launches Ballistic Missiles at Israel
Iran's **Islamic Revolutionary Guard Corps** (IRGC) has announced that it has fired **dozens of ballistic missiles** at Israel in a dramatic escalation of hostilities. This attack is reportedly in retaliation for recent events in Gaza and Lebanon, including the deaths of key military figures.

![Donald Trump is facing Democratic nominee Kamala Harris in the race for the US presidency](https://www.aljazeera.com/wp-content/uploads/2024/09/2024-09-29T203635Z_1049245515_RC2KAAAA4J47_RTRMADP_3_USA-ELECTION-TRUMP-1727672373.jpg?w=770&resize=770%2C513)
*Donald Trump is facing Democratic nominee Kamala Harris in the race for the US presidency [File: Brian Snyder/Reuters]*

### Trump Blames Biden Administration
Former US President **Donald Trump** criticized the Biden administration for the escalating conflict in the Middle East, claiming that Iran was kept in check during his presidency. He asserted that the recent attacks would not have occurred under his leadership.

### Israel's Defense Systems Under Pressure
According to **Al Jazeera’s defense editor** Alex Gatapoulos, Israel's air defenses are among the most sophisticated globally. The **Iron Dome**, **Barak 8**, and **Arrow 3** systems are designed for different ranges of attacks, but the sheer volume of missiles may pose significant challenges for interception.

### Targeted Military Bases
The IRGC stated that the missile attacks targeted **three military bases** in the Tel Aviv area, utilizing **Fatah hypersonic ballistic missiles** for the first time. The Israeli military reported intercepting a significant number of the approximately **180 missiles** fired.

### Khamenei's Prediction of Victory
Iran’s Supreme Leader **Ayatollah Ali Khamenei** proclaimed the possibility of an “**imminent divine victory**” for his nation, urging followers to remain steadfast in the face of adversity.

### International Response
In Washington, President **Joe Biden** and Vice President **Kamala Harris** have been closely monitoring the situation from the **situation room**. Biden has directed the **US military** to assist Israel in intercepting missiles and has reaffirmed the US's commitment to Israel's defense.

### Hamas Supports Iranian Actions
The Palestinian group **Hamas** hailed the Iranian missile launch as a “**heroic**” response, calling for unity among countries in the region against Israel.

### Conclusion of the Attack
The White House confirmed that US naval destroyers collaborated with Israeli forces in shooting down Iranian missiles, describing the situation as a **major escalation** and emphasizing the need for continued vigilance.

![Rockets fly in the sky, as seen from Tel Aviv, Israel, Tuesday [Ammar Awad/Reuters]](https://www.aljazeera.com/wp-content/uploads/2024/10/2024-10-01T172048Z_1685577080_RC2SBAAZLER2_RTRMADP_3_ISRAEL-PALESTINIANS-LEBANON-1727804073.jpg?w=770&resize=770%2C513)

Iran’s Islamic Revolutionary Guard Corps says it has fired dozens of ballistic missiles at Israel.

Unprecedented Missile Barrage: Iran Strikes Israel Amid Escalating Tensions

### Larry Fink's Stance on Fed Rate Cuts

BlackRock CEO **Larry Fink** has made headlines by asserting that investors are mistaken if they expect the **Federal Reserve** to implement significant interest rate cuts in the near future. Fink believes that the **US economy** is poised for continued growth, despite recent market predictions suggesting otherwise.

![Larry Fink](https://nypost.com/wp-content/uploads/sites/2/2024/10/larry-fink-chief-executive-officer-90810273.jpg?w=1024)
*Larry Fink told Bloomberg that he thought it was unlikely that the Fed would aggressively cut rates through to the end of the year.*

### Recent Rate Cuts and Economic Outlook

Just two weeks ago, **Chairman Jerome Powell** announced a **0.5% cut** in rates, marking the first reduction since 2020 as economies recover from the global pandemic. However, Fink is skeptical about further cuts, stating, “I don’t see any landing.” He emphasizes that while some sectors are struggling, others are thriving, projecting growth rates of **2-3%**.

Fink noted, “I see more policies by more governments that tend to be more inflationary,” indicating that he finds it challenging to envision a **200 basis points** decline in short-term rates before the end of 2024. 

### Economic Data and Future Implications

Upcoming economic indicators, such as **Friday’s jobs report**, may influence the Fed's decisions. If unemployment rises or hiring falters, sharper rate cuts could become a consideration. Fink elaborated on the potential dangers of aggressive rate cuts, warning they could lead to excessive money supply and renewed inflation.

### Corporate Earnings and Global Concerns

Fink points to **strong corporate earnings** as a sign that the economy is in better shape than some analysts suggest. He also criticized American corporations for maintaining business ties with China, especially given its support for Russia amid ongoing geopolitical tensions.

Fink has been a vocal advocate for the **Biden Administration’s policies** on **Environmental Social Governance (ESG)**, promoting the integration of climate change considerations into corporate strategies. However, he faces challenges from other Wall Street figures, like **Boaz Weinstein**, who have launched activist campaigns against BlackRock's fund management.

![Jerome Powell](https://nypost.com/wp-content/uploads/sites/2/2024/10/2024-powell-said-time-come-90810781.jpg?w=1024)
*Federal Reserve chairman Jerome Powell, seen here with Bank of England Governor Andrew Bailey, indicated on Monday that rates would continue to be lowered within the next few months.*

BlackRock CEO Larry Fink said investors are wrong if they think the Fed will make massive interest rate cuts later this year.

Larry Fink Challenges Investor Expectations on Fed Rate Cuts: What You Need to Know

### Bitcoin's Cautious October Start

The **Bitcoin price** is facing a **cautious start** to October as **China’s Golden Week holiday** kicks off on October 1. This annual celebration often leads to **lower trading activity** across global markets, including cryptocurrencies, as traders and businesses take a break.

### Potential Correction Ahead

Analysts predict a **slow market** this week, warning that Bitcoin may experience a **5-10% correction** before any significant upward momentum can resume. Currently, Bitcoin is trading around **$63,980**, down **0.6%** in the last 24 hours, while **Ethereum** shows a slight increase at **$2,643** according to CoinGecko data.

### Key Macroeconomic Events

The subdued performance in the market coincides with several important macroeconomic events this week, including the **U.S. initial jobless claims report** on October 3 and the **U.S. Nonfarm Payrolls and Unemployment Rate** on October 4.

### Increased Volatility in Crypto Market

Recent overnight trading has indicated signs of **increased volatility**. Jake Ostrovskis, an OTC trader at Wintermute, noted a rise in **implied volatility (IV)** for short-term options contracts, suggesting traders expect sharp price swings soon. The recent **$5 billion options expiration** (OPEX) could contribute to these market fluctuations.

### Spot Trading Dynamics

Spot Bitcoin trading has dipped below the **$65,000** mark, with the volatility surface suggesting a **downside bias** until late October or early November. Despite this, there is support for a **post-election rally** according to current positioning.

### Short-Term Analysis

Analysts at **Bitfinex** caution that Bitcoin's recent gains may be reaching a **short-term ceiling**. They observe that while Bitcoin has reclaimed key **on-chain levels**, there are warning signs indicating the market may have reached a temporary equilibrium. Additionally, open interest in Bitcoin futures has surged past **$35 billion**, historically correlating with local price peaks. A **5-10% pullback** could reset open interest without derailing the overall uptrend.

### Momentum Indicators

Valentin Fournier from **BRN** highlights that Bitcoin ended September with a **3.5% loss**. The **Stochastic RSI** signals **bullish potential**, yet the **MACD** shows weakening momentum. A dip into the **$61,000-$62,500 range** could provide a solid foundation for a renewed uptrend.

### Market-Moving Events Ahead

Fournier emphasizes that the **U.S. unemployment rate** will be a crucial market-moving event, with any deviation from the expected **4.2% rate** potentially impacting market sentiment and influencing risk assets, including cryptocurrencies.

"The U.S. unemployment rate will be a crucial market-moving event," one analyst said.

Is Bitcoin Set for a Spooky Correction? Analysts Weigh In on Market Trends

### Robinhood Enhances Its European Crypto Offerings

On Tuesday, **Robinhood's crypto unit** announced that it has enabled European customers to deposit and withdraw over **20 digital assets**. This move is part of the trading app's strategy to strengthen its presence in the European market.

The update supports popular cryptocurrencies such as **Bitcoin (BTC)**, **Ethereum (ETH)**, **Solana (SOL)**, and **USD Coin (USDC)**. Robinhood cited increased demand from its European users as a driving factor for this enhancement.

> "It was one of the top requested features from our customers,” said **Johann Kerbrat**, Vice President and General Manager of Robinhood Crypto.

In December, Robinhood launched its crypto services in the **European Union**, allowing users to trade more than **25 digital currencies**. The recent feature launch coincides with heightened regulatory scrutiny in Europe following the approval of the **Markets in Crypto-Assets (MiCA)** regulation, which sets clear standards for crypto companies in the region.

These new regulations emphasize **stablecoin issuance**, **anti-money laundering measures**, and **consumer protections**, leading to stricter licensing requirements in countries like **Germany** and **France**. Despite these challenges, Robinhood remains optimistic about its growth prospects.

> "We are a large company, and we're used to dealing with regulators," Kerbrat stated, emphasizing their proactive engagement with regulatory bodies.

This comes after Robinhood faced legal challenges, including a **$3.9 million settlement** related to allegations of hindering customers' ability to withdraw digital assets over a four-year period. In response to security concerns, Kerbrat assured that most assets are stored in **cold storage** and that the company employs **crime insurance** against phishing attacks, alongside user education and transaction scanning to prevent scams.

Robinhood is positioning the move as a way to provide users with greater control over their digital assets and simplify access to DeFi.

Robinhood Expands European Crypto Capabilities: New Features for Bitcoin and Ethereum Transfers

## Ohio Senator Proposes Groundbreaking Cryptocurrency Bill

On Monday, **Ohio State Senator Niraj Antani** proposed a **landmark bill** that could position Ohio as one of the few states to accept **Bitcoin** and other **cryptocurrencies** for state and local tax payments. This proposed legislation mandates all political subdivisions in Ohio to accept digital currencies, although the specific assets to be accepted are yet to be determined.

Senator Antani emphasized the relevance of cryptocurrency in today’s economy, stating, "**Cryptocurrency is not just the future, but it’s the present of our 21st-century economy**." This bill aims to normalize the usage of crypto in Ohio’s financial landscape.

Ohio previously made headlines in **2018** when it became the first state to allow businesses to pay taxes using Bitcoin. However, this initiative ended abruptly after the **Ohio Attorney General** ruled that the State Board of Deposits needed to approve the program, which they failed to do.

Antani’s current bill seeks to eliminate this obstacle by explicitly requiring the acceptance of crypto payments for taxes and fees. Reflecting on past efforts, Antani remarked, "**Former State Treasurer Josh Mandel was a leader on cryptocurrency in 2018, and Ohioans have him to thank for being an early adopter of this innovation**."

In addition to tax payments, the bill also aims to allow **state universities** and **pension funds** to invest in cryptocurrencies, marking a significant expansion of Ohio’s engagement with the crypto industry.

Other states are also exploring similar paths toward crypto adoption. For instance, **Colorado** became the first state to officially accept Bitcoin for tax payments in **2022**, enabling payments via **PayPal**, while **Florida** and **Utah** are also making strides in this direction. In light of these developments, Antani stated, "**By allowing Ohioans to pay their taxes and fees with cryptocurrency, we will be on the cutting edge**."

**Edited by Sebastian Sinclair**

The proposed legislation requires all political subdivisions in Ohio to accept Bitcoin and other cryptocurrencies for payments.

German Government Continues Bitcoin Sell-Off, Liquidating 13% of Holdings

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Other Latest News

Bitcoin Dips Below $60K: What Rising Middle East Tensions Mean for Crypto Investors

Beware: Seaside Police Alert Public About Cryptocurrency Extortion Scams

Unprecedented Missile Barrage: Iran Strikes Israel Amid Escalating Tensions

Larry Fink Challenges Investor Expectations on Fed Rate Cuts: What You Need to Know

Is Bitcoin Set for a Spooky Correction? Analysts Weigh In on Market Trends

Robinhood Expands European Crypto Capabilities: New Features for Bitcoin and Ethereum Transfers

Ohio Takes a Bold Step: Can Bitcoin and Crypto Payments for Taxes Become a Reality?

Other Latest News

Bitcoin Dips Below $60K: What Rising Middle East Tensions Mean for Crypto Investors

Beware: Seaside Police Alert Public About Cryptocurrency Extortion Scams

Unprecedented Missile Barrage: Iran Strikes Israel Amid Escalating Tensions

Larry Fink Challenges Investor Expectations on Fed Rate Cuts: What You Need to Know

Is Bitcoin Set for a Spooky Correction? Analysts Weigh In on Market Trends

Robinhood Expands European Crypto Capabilities: New Features for Bitcoin and Ethereum Transfers

Ohio Takes a Bold Step: Can Bitcoin and Crypto Payments for Taxes Become a Reality?