Acryptocurrency wallet designated "
German Government (BKA)" has sold
Bitcoin valued at more than $54 million, per **Cointelegraph**. The **German** government has sold 900 **Bitcoin**, valued at over $54 million, putting pressure on the
cryptocurrency's price, which could fall below the critical $60,000 mark. The **cryptocurrency** wallet designated "**German Government (BKA)**" has sold **Bitcoin** valued at more than $54 million,
Cointelegraph reports. On June 25, 900
Bitcoin were sold in three separate transactions through the German government's mailbox. The initial 200
BTC transaction was transmitted to the
Coinbase exchange, while the subsequent 200
BTC transfer was transmitted to the
Kraken exchange. However, a third transaction, valued at 500
BTC or more than $30 million, was sent to wallet "139Po," which is still unknown, according to on-chain intelligence provider **Arkham Intelligence**. While the wallet "139Po" remains a mystery, the **German** government has engaged with it before. The **German** government sent 800 **BTC** to the address on June 20 and another 500 **BTC** on June 19, only six days ago. **Arkham Intelligence** reports that the wallet now contains 46,359 **Bitcoins** following today's transfers. The government's container, labeled "**German Government (BKA)**," contains more than 2.8 billion in **BTC**. It has the potential to generate substantial selling pressure, which could lower the price of **Bitcoin** below the critical $60,000 psychological threshold. The
Bitcoin price has been on a downward trajectory, with a monthly decline of 11% and a weekly decline of over 7%, according to
Bitstamp data. As of 9:40am UTC, it was trading just above $61,000. According to the technical chart patterns of renowned analyst **Willy Woo**, **Bitcoin** may undergo a correction that lasts up to four weeks before its price rally resumes. “Eyeballing this model…probably 1-4 weeks more of cooling down before #**Bitcoin** price action is sufficiently boring. Chart: Intensity of speculators playing casino games,” the analyst stated in a June 22 **Xpost** to his over 1.1 million followers. **German Government's** 6,500 **BTC** Transfer Sparks Sale Speculations, Adding to Potential July Market Pressure On June 19, the **German** government-labeled mailbox sparked suspicions of potential **Bitcoin** selling by executing a 6,500 **BTC** transfer valued at over $425 million. Most
Bitcoin is being transmitted to centralized exchanges, which suggests that the government may be interested in selling it, in addition to being transferred to untagged wallets. Before the transfer, the wallet had roughly 50,000
BTC since February 2024. The funds are suspected to have been confiscated from the
Movie2k pirated movie website's owner. However, the collapsed
cryptocurrency exchange
Mt. Gox's announcement that it will begin repaying its defunct users may result in additional
Bitcoin selling pressure in July. Approximately 127,000
Mt. Gox creditors are owed over $9.4 billion in
Bitcoin and have been awaiting their funds for over a decade, which could generate substantial selling pressure for
Bitcoin.
The above is the detailed content of German Government Sells $54 Million in Bitcoin, Transactions Include Unknown Wallet \'139Po\'. For more information, please follow other related articles on the PHP Chinese website!
