Cryptocurrency is volatile in nature for a number of reasons. The sudden movements of many tokens is one of the most important reasons. After transferring 200 Bitcoin [BTC] The German government has caused panic on the crypto market by causing Coinbase to go down. This latest transfer amounted to $65,000,000.
This latest transaction was part of an overall fund transfer by the German Government. Germany’s crypto wallet moved 6,500 BTC worth more than $425m on June 19, 2018. The wallet carried out four transactions: an outflow of 6,500 BTC into the wallet address “bc1q0unygz3ddt8x0v33s6ztxkrnw0s0tl7zk4yxwd,” The wallet address then sent 2,500 BTC worth $154,000,000 to another address. The wallet address then transferred 2,500 BTC from its 6,500 BTC holdings to another address. “bc1qq0l4jgg9rcm3puhhfwaz4c9t8hdee8hfz6738z.”
Not only that. The wallet address used to send the funds was the same as the one above. Coinbase was not the only exchange to be involved. Bitstamp, Kraken and two other major exchanges were involved in the 500 BTC transaction.
Also Read: Bitcoin Predicted to Reach $200,000 by 2025 Says Bernstein
What is the German Bitcoin holding?
Arkham has revealed that since February 2024, the German government crypto wallet held close to 50,000 BTC. It was valued at about $2,12 billion. The funds were taken from Movie2k, an operator of a pirated film website. The German government currently holds 49,859 BTC, which are worth $3.04 Billion.
Several believe that, while the exact reason for this transfer remains unclear, the government could be planning to sell. BTC traded at $64,616.93, a daily decline of 1.36%. The price of the King Coin could fall further if the government decides to sell its BTC.
Also Read: Gemini Crypto Exchange Founders Donate $2M In Bitcoin To Donald Trump
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Source: watcher.guru