Germany Dumps More Bitcoin, Will BTC Hold Above $63K or Tank to New Lows?
- WBOYOriginal
- 2024-07-02 06:02:01495browse
Historically, traders know the weekend to carry negative sentiments for the crypto industry, especially Bitcoin. Last weekend in June, the crypto
Breaking: Germany sells 1,500 BTC in another exchange dump
Historically, traders know the weekend to carry negative sentiments for the crypto industry, especially Bitcoin. Last weekend in June, the crypto market shed millions, with BTC trading below $61,000. Now, as the weekend approaches again, German authorities are making another move.
On June 26, German authorities moved 250 BTC to centralized crypto exchanges as part of a sell-off from BTC seized in the illegal film piracy site Movie2k. Today, another 1500 BTC was moved by German authorities to fund the government's coffers.
The German government has been selling off BTC in tranches, with the latest being moved to centralized crypto exchanges. According to Arkham Intelligence, German authorities moved the BTC to Kraken, Coinbase, and Bitstamp. With Bitcoin’s current market value, the moved coins are worth over $82.07 million to Coinbase, Kraken, and Bitstamp.
Arkham data shows that Kraken and Coinbase each received 100 BTC, while Bitstamp took the larger share with 200 BTC. Bitstamp and Kraken are the biggest beneficiaries of the BTC dumps. Later, a transfer of another 500 BTC was made to a wallet associated with Coinbase.
The BTC was moved in tranches, with the first being 100 BTC to a wallet linked to Coinbase. Another 100 BTC was moved to a Kraken-linked wallet. A third and fourth transfer saw 200 BTC being moved to Bitstamp in two tranches.
After the Bitstamp transfers, another 500 BTC was moved to a Coinbase-linked wallet, bringing the total BTC moved to these exchanges to 1,500 BTC. In total, German authorities have moved around 2,700 BTC to fund government coffers.
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