The German Federal Criminal Police Office (BKA) on Monday transferred an additional 1,500 Bitcoin, valued at nearly $95 million, to multiple crypto exchanges, including Bitstamp, Coinbase, and Kraken.
JUST IN: 🇩🇪 German Government sends another 1,500 #Bitcoin worth $95 million to exchanges 👀 pic.twitter.com/AZqs0UFWei
— Bitcoin Magazine (@BitcoinMagazine) July 1, 2024
This follows a series of transactions since June 19, where the German government has moved Bitcoin worth approximately $220 million to various exchanges, according to data from Arkham.
The German government first acquired these Bitcoin after a large-scale seizure in 2013. The BKA confiscated almost 50,000 Bitcoin, then valued at over $2 billion, from the operators of Movie2k.to, a notorious film piracy website active during that period.
These movements suggest a potential intention by the German authorities to liquidate some of the Bitcoin in the crackdown.
This move by Germany mirrors recent actions by the U.S. government, which also transferred millions of dollars in Bitcoin to exchanges, potentially signalling their intention to sell. In both cases, the transfers have sparked significant speculation within the Bitcoin community about the potential impact on Bitcoin’s market price.
Despite the substantial movements, most of the seized Bitcoin remains under the German government’s control. Almost 44,692 Bitcoin, worth approximately $2.82 billion, are still held in government wallets. This means that the recent transfers, while notable, represent a relatively small portion of the total holdings.
As the situation unfolds, how the Bitcoin market will react to these government-initiated movements remains to be seen.
Read More[#item_full_content]Bitcoin Magazine – Bitcoin News, Articles and Expert Insights
Bitcoin ETFs have purchased around 48 days of the mined bitcoin supply in the past…
Henrik Zeberg, a macroeconomist known for his expertise in business cycles, has pinpointed an upcoming…
Yet another reason that has given the rocket fuel to the price of Bitcoin is…
Bitcoin (BTC), the largest cryptocurrency by market capitalization, is showing signs of a potential breakout,…
On-chain data shows around 95% of all Bitcoin holders are in profit following the latest…
Bitcoin (BTC) is trading slightly lower in South Korea compared to the global cryptocurrency markets…