German Government Moves Another $56M in Bitcoin to Exchanges

1 Mins read

The German government continued shifting portions of its massive Bitcoin trove to exchanges on Monday, transferring over $56 million worth across multiple transactions.

According to blockchain data, addresses linked to the German government moved a total of 500 BTC to Bitstamp and Coinbase (250 BTC each), worth about $27.9 million, at 14:48 UTC+8 today, and transferred 500 BTC to an unmarked address.

Germany originally seized nearly 50,000 Bitcoin back in 2013 from the operators of the now-defunct piracy website Movie2K. The stash is estimated to be worth around $2.3 billion at today’s prices.

This comes after the government shifted around $390 million in Bitcoin to various platforms since mid-June.

The steady flow of transfers to exchanges signals Germany’s potential intentions to liquidate parts of its reserves. While reasons remain uncertain, the sales have fueled volatility in Bitcoin’s price, which dipped below $55,000 last week.

However, the amounts shifted so far equate to a relatively small portion of Germany’s massive holdings. After the latest transactions, the government still possesses around 40,000 bitcoins valued at nearly $2.2 billion.

Nonetheless, the remaining reserves represent a significant share of daily Bitcoin trading volumes. As such, experts caution the threat of further turbulence lingers as long as Germany stays active in reducing exposure.

The liquidations come just as long-awaited creditor payouts from Mt. Gox’s 2014 collapse appear set to begin. This timing might compound selling pressure on Bitcoin amid an already bearish macro environment.

Source link

Related posts

Mt. Gox Transfers Billions, Causing BTC Price to Slump by 3%

1 Mins read
The defunct exchange Mt. Gox transferred massive amounts of BTC to its internal wallets and an unknown wallet, forcing BTC’s price to…

Top Crypto Presale in 2024: MoonBag’s Groundbreaking Presale Success is the Real Game-Changer, Leaving Lido and VeChain Behind

3 Mins read
What makes the top crypto presale in 2024 so exciting? With Lido, VeChain, and MoonBag on the radar, investors are eager to…

Big Binance Announcement for Shiba Inu (SHIB) and Dogecoin (DOGE) Traders: Details

2 Mins read
TL;DR Binance introduced a special initiative, where eligible meme coin traders join teams to complete missions and accumulate points for rewards. The…



Leave a Reply

Your email address will not be published. Required fields are marked *