It is important to note that the word “you” means “you”. German Arkham Blockchain Analysis firm reports that the federal government has sent millions of dollars in Bitcoin seized to two major Bitcoin and cryptocurrency exchanges, Kraken and Coinbase.
The transactions originated from a digital wallet linked to the German Federal Criminal Police Office. The BKA seizes almost 50,000 Bitcoins in 2013 from a website that piracy films.
The BKA wallet sent $24,000,000 in Bitcoin to Kraken and Coinbase on Tuesday. Another $30 million of Bitcoins was sent to a wallet unknown and not connected with an exchange.
Arkham data shows These transfers are a continuation of the $195,000,000 in Bitcoin that was transferred to exchanges between June 19-20. The past week has seen over $425,000,000 in Bitcoin transfers.
The German government has still seized the bulk of Bitcoins, but the transfer to exchanges It may indicate an intention to sell some assets.
Sell government Bitcoins can lead to downward price pressure. The amounts that have been moved represent only a small part of the daily Bitcoin volume.
Bitcoin fell below $60,000. Despite this, Bitcoin dropped to $56,000 on Tuesday. German Government’s Bitcoin Wallet still has over 46,000 Bitcoin worth almost $3 billion.
Bitcoins confiscated from criminal activities have dramatically increased their value for German Police. A fraction of the Bitcoin can provide an unexpected windfall. Concerns remain about the potential impact on the Bitcoin market.
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Source: bitcoinmagazine.com