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Germany Begins Selling Its Bitcoin Billions, Triggering Volatility Fears
The post Germany Begins Selling Its Bitcoin Billions, Triggering Volatility Fears appeared on BitcoinEthereumNews.com. We do the research, you get the alpha! Get exclusive reports and access to key insights on airdrops, NFTs, and more! Subscribe now to Alpha Reports and up your game! Go to Alpha Reports The German government is starting to sell its sizable stash of Bitcoin that was seized from the operators of a movie piracy website, sparking concerns about its potential impact on the cryptocurrency market. The government has apparently sold over $195 million in BTC within the past 24 hours, according to blockchain analytics firm Arkham, and had moved around even larger sums on Wednesday between multiple wallets. This significant move follows a recent pattern of large-scale Bitcoin transactions initiated by German authorities, with substantial amounts being funneled to major exchanges such as Coinbase, Kraken, and Bitstamp. That could suggest even more selling to come. In the latest transactions, the German government transferred $65 million worth of BTC to likely exchange deposits, adding to the $130 million moved yesterday. Despite these massive apparent sales, German authorities still hold a substantial $3.05 billion worth of Bitcoin. UPDATE: German Government Still Selling BTC > $195M So Far. In the past 2 hours, the German Government sent $65M in BTC to 2 likely exchange deposits including Coinbase. The German Government moved $600M BTC yesterday, sending $130M BTC to 4 likely exchange deposits including… pic.twitter.com/in2urlDBE0 — Arkham (@ArkhamIntel) June 20, 2024 This extensive Bitcoin cache, nearly 50,000 BTC, was originally seized from the operators of Movie2k.to, a film piracy website that was last active in 2013. The Bitcoin was transferred to the German Federal Criminal Police Office (BKA) in mid-January following a voluntary handover from the suspects, per Arkham. The large-scale sale has already had a noticeable impact on Bitcoin’s market price, according to Robert Quartly-Janeiro, chief strategy officer at crypto exchange…
The post Germany Begins Selling Its Bitcoin Billions, Triggering Volatility Fears appeared on BitcoinEthereumNews.com.
We do the research, you get the alpha! Get exclusive reports and access to key insights on airdrops, NFTs, and more! Subscribe now to Alpha Reports and up your game! Go to Alpha Reports The German government is starting to sell its sizable stash of Bitcoin that was seized from the operators of a movie piracy website, sparking concerns about its potential impact on the cryptocurrency market. The government has apparently sold over $195 million in BTC within the past 24 hours, according to blockchain analytics firm Arkham, and had moved around even larger sums on Wednesday between multiple wallets. This significant move follows a recent pattern of large-scale Bitcoin transactions initiated by German authorities, with substantial amounts being funneled to major exchanges such as Coinbase, Kraken, and Bitstamp. That could suggest even more selling to come. In the latest transactions, the German government transferred $65 million worth of BTC to likely exchange deposits, adding to the $130 million moved yesterday. Despite these massive apparent sales, German authorities still hold a substantial $3.05 billion worth of Bitcoin. UPDATE: German Government Still Selling BTC > $195M So Far. In the past 2 hours, the German Government sent $65M in BTC to 2 likely exchange deposits including Coinbase. The German Government moved $600M BTC yesterday, sending $130M BTC to 4 likely exchange deposits including… pic.twitter.com/in2urlDBE0 — Arkham (@ArkhamIntel) June 20, 2024 This extensive Bitcoin cache, nearly 50,000 BTC, was originally seized from the operators of Movie2k.to, a film piracy website that was last active in 2013. The Bitcoin was transferred to the German Federal Criminal Police Office (BKA) in mid-January following a voluntary handover from the suspects, per Arkham. The large-scale sale has already had a noticeable impact on Bitcoin’s market price, according to Robert Quartly-Janeiro, chief strategy officer at crypto exchange…
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