The German Federal Criminal Police Office (BKA) on Monday moved an extra 1,500 Bitcoin, valued at almost $95 million, to several crypto exchanges, consisting of Bitstamp, Coinbase, and Kraken.
SIMPLY IN: 🇩🇪 German Government sends out another 1,500 #Bitcoin worth $95 million to exchanges 👀 pic.twitter.com/AZqs0UFWei
— Bitcoin Magazine (@BitcoinMagazine) July 1, 2024
This follows a series of deals considering that June 19, where the German government has actually moved Bitcoin worth around $220 million to numerous exchanges, according to information from Arkham.
The German government initially obtained these Bitcoin after a massive seizure in 2013. The BKA taken nearly 50,000 Bitcoin, then valued at over $2 billion, from the operators of Movie2k.to, a well-known movie piracy site active throughout that duration.
These motions recommend a possible intent by the German authorities to liquidate a few of the Bitcoin in the crackdown.
This relocation by Germany mirrors current actions by the U.S. government, which also moved countless dollars in Bitcoin to exchanges, possibly indicating their intent to sell. In both cases, the transfers have actually triggered considerable speculation within the Bitscoins.netmunity about the possible influence on Bitcoin’s market value.
Despite the considerable motions, the majority of the taken Bitcoin stays under the German government’s control. Almost 44,692 Bitcoin, worth around $2.82 billion, are still held in government wallets. This suggests that the current transfers, while noteworthy, represent a reasonably little part of the overall holdings.
As the scenario unfolds, how the Bitcoin market will respond to these government-initiated motions stays to be seen.
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