German government has already disposed of more than $1.5 billion in Bitcoin – DiarioBitcoin
By Hannah Perez
Germany’s government continued its Bitcoin whale moves on Tuesday. It has dumped over 22,000 bitcoins worth around USD $1.2 billion in the past 48 hours.
***
- Germany’s government continues Bitcoin whale movements
- In the last 48 hours, more than 22,000 BTC have been sold for around USD $1.2 billion.
- The government wallet now has less than half the Bitcoin it had a month ago
A massive amount of bitcoins have left German government-held wallets over the past few weeks, adding downward pressure to the cryptocurrency market, but the sell-off seems far from over.
German authorities have again made moves in their wallets Bitcoin This Tuesday, after having withdrawn just over 16,000 yesterday bitcoins, currently worth approximately USD $916.8 million.
The data from Arkham Intelligence show that a wallet address labeled as belonging to the German Federal Criminal Police Office (BKA) has made transfers this Tuesday for just over 6,300 bitcoins (BTC) to external addresses, most likely with the intention of selling.
About 800 BTC left the German government wallet address to the cryptocurrency exchange Kraken amid two huge deposits of 2,500 BTC each to the unidentified address “139Po.”
The BKA wallet has been interacting with that wallet for the past few weeks amid massive cryptocurrency movements, and there are those who estimate that it could potentially belong to a centralized cryptocurrency exchange or OTC service. According to The Blockbelieved to be from the market maker B2C2 Group.
German authorities also sent 106 BTC worth just over $6 million to an address identified as Cumberland DRWa company specializing in the creation of institutional cryptocurrency markets and offering transaction settlement, investment management and trading services.
Additionally, the German government wallet also made two deposits of 200 BTC each to a second unidentified address, and interestingly also received funds from an exchange address. Bitstamp. In particular, he received 1,692 bitcoins for an approximate value of USD $96.9 million of that exchange.
German government exerts downward pressure on Bitcoin
Police in Germany began moving large quantities of Bitcoin Last month, after having carried out a seizure of 50,000 BTC to the movie piracy site Movie2k in January.
Since then, more than half of the bitcoins They have abandoned the German government wallet that held all of those funds. According to data from Arkhamonly 22,846 BTC currently remain in BKA’s wallet, meaning that over $1.5 billion in Bitcoin They have left that address in a matter of weeks.
Most of the moves have occurred in the last 48 hours, causing wild price action for Bitcoin.
The top cryptocurrency by market cap has shown signs of widespread volatility in recent days, falling back below $55,000 over the weekend, a five-month low, before staging a modest recovery. At press time, BTC is trading around $57,300, down 8% on the week.
At least one political figure in Germany has criticised the government’s decision to sell bitcoins so “accelerated“. Joana Cotar, a member of the German parliament, made these remarks last week and urged local authorities to pause sales and consider retaining the funds as a strategic reserve asset.
Article by Hannah Estefanía Pérez / Bitcoin Diary
Picture of Unsplash
WARNING: This is an informative article. DiarioBitcoin is a media outlet, it does not promote, endorse or recommend any particular investment. It is worth noting that investments in cryptoassets are not regulated in some countries. They may not be appropriate for retail investors, as the total amount invested could be lost. Check the laws of your country before investing.
