The cryptocurrency market is once again facing potential turbulence as news emerges of a hacker moving a significant amount of stolen Bitcoin (BTC). According to reports, a hacker linked to the recent breach of the Japanese crypto exchange DMM Bitcoin has transferred 500 BTC, worth around $30 million, to a new address.

This development has raised concerns among market participants about the possibility of a large-scale Bitcoin dump, which could further impact the already volatile crypto market.

The DMM Bitcoin exchange was the victim of a security breach earlier this month, resulting in the theft of over 4,500 BTC, valued at more than $300 million at the time. The exchange has assured its customers that their BTC holdings will be fully covered, but the recent movement of the stolen funds has sparked new worries.

Notably, the broader Bitcoin market has already been experiencing substantial sell-offs in recent weeks. The German government has been liquidating its Bitcoin holdings, transferring over 2,000 BTC to exchanges. The U.S. government has also joined the fray, moving 4,000 BTC worth $241 million to Coinbase Prime.

Additionally, Bitcoin miners have been offloading their holdings, selling over 30,000 BTC worth $2 billion to limit their losses as the hashprice has plummeted. Even Bitcoin whales have contributed to over $4 billion in BTC sales earlier this month.

These extensive sell-offs have put significant pressure on the Bitcoin price, which is currently hovering just above the critical $60,000 support level. Technically, Bitcoin is trading below the 50-day simple moving average (SMA) but above the 200-day SMA, indicating market indecision between bullish and bearish sentiments.

Amid the ongoing volatility, the market has witnessed a slight rebound, with short liquidations exceeding longs. However, the fear remains that the hacker may choose to liquidate the stolen BTC holdings, potentially triggering another wave of selling pressure and a further decline in the Bitcoin price.

As the crypto community closely monitors the situation, the potential impact of this hacker's actions on the broader Bitcoin market remains a significant concern for investors and analysts alike.