Germany Moves Another $56 Million Worth of Bitcoin to Exchanges, as Experts Warn of Market Instability-web3.0-php.cn

Germany Moves Another $56 Million Worth of Bitcoin to Exchanges, as Experts Warn of Market Instability

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Jul 16, 2024 am 02:42 AM

Blockchain data shows that government-associated addresses transferred 500 Bitcoin to Bitstamp and Coinbase (250 Bitcoin each) at 14:48 UTC+8

Germany Moves Another Million Worth of Bitcoin to Exchanges, as Experts Warn of Market Instability

Germany sells BTC in quick succession, this time worth about $56 million

July On the 8th, it was revealed that the German government once again continued selling Bitcoin to virtual currency exchanges, selling more than $56 million worth of Bitcoin in multiple transactions.

According to blockchain data, at 14:48 UTC, a government-related address sold 250 Bitcoin each to Bitstamp and Coinbase, worth approximately $27.9 million, and another unconfirmed address. Sold 500 Bitcoins.

Germany has seized approximately 50,000 Bitcoin from the operator of the pirated website Movie2K, which was shut down in 2013, and the holdings are now worth approximately $2.3 billion.

Since June, the German government has sold approximately $390 million worth of Bitcoin to various platforms, suggesting a possible strategy to liquidate some holdings. The motive is unclear, but the sale has contributed to the volatility in Bitcoin's price, which fell below $55,000 last week.

Despite these transactions, the amounts transferred represent a small portion of Germany's vast holdings. As a result of this sale, the government now holds approximately 40,000 Bitcoins (worth approximately $2.2 billion).

However, this residual asset still accounts for a significant portion of daily Bitcoin trading volume. Experts have warned that market volatility could continue as long as Germany continues to reduce its Bitcoin exposure.

This sale is scheduled to pay creditors from the 2014 Mt. Gox bankruptcy and could increase selling pressure on Bitcoin.

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