On Monday, the German government transferred over $56,000,000 worth of Bitcoins in multiple transactions.
The following is a list of 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.
JUST IN: 🇩🇪 German Government sends another 1,000 #Bitcoin Exchanges worth up to $56 Million👀 pic.twitter.com/zsxg3q2tkV
— Bitcoin Magazine (@BitcoinMagazine) July 8, 2024
Germany The operators of Movie2K, a now-defunct website that facilitated piracy, were originally held responsible for nearly 50,000 Bitcoin in 2013. It is believed that the collection would be worth $2.3 billion today.
It comes as a result of the transfer of $390,000,000 in Bitcoin by the government to various platforms since mid-June.
Germany could be planning to liquidate some reserves if it continues to transfer funds to exchanges. The reasons for the sales are still unknown, but they have caused Bitcoin to fluctuate, with its price dropping below $55,000 in one week.
But the amount of bitcoins that have been transferred thus far is a very small part of Germany’s huge holdings. Following the most recent transactions, Germany still has around 40,000 bitcoins with a value of nearly $2.2 million.
The reserves that remain represent an important portion of the Bitcoin volume traded daily. The experts warn, however, that further turmoil is possible as long Germany remains active in its efforts to limit exposure.
Creditors have been eagerly awaiting the liquidations. payouts from Mt. Gox’s It appears that 2014 is going to be a year of collapse. It is possible that the timing could compound pressure to sell Bitcoins in a bearish macroeconomic environment.
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Source: bitcoinmagazine.com