German government moves another 4,000 bitcoins, much of it to exchanges – DiarioBitcoin
By Hannah Perez
The German government continues its alleged aggressive Bitcoin sales amid the bear market. Bitcoin slipped below $55,000 but recovered modestly.
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- The German government continues its aggressive —alleged— Bitcoin sales
- The government wallet sent 1,100 bitcoins to the Coinbase and Bitcoin exchanges. Bitstamp
- He also moved more than 2,500 bitcoins to three other addresses, possibly to sell
The German government continues to make whale moves Bitcoin, potentially adding further downward pressure to the already choppy cryptocurrency market.
In the early hours of Monday (EDT), a wallet address identified as belonging to the German Federal Criminal Police Office (BKA) recorded a series of movements worth nearly 4,000 bitcoins (BTC), currently valued at over $220 million. Much of the funds went to cryptocurrency exchanges, suggesting possible sales.
In particular, the data from Arhkam Intelligent show that German authorities sent 550 BTC to an address within the centralized exchange Coinbase in two transactions five hours apart, one for 250 BTC followed by another for 300 BTC. The BKA wallet also made two transactions for the same amount at exchange Bitstamp.
Daily transactions to those exchanges totaled 1,100 BTC for a total of approximately USD $62.9 million.
1,500 were also transferred bitcoins additional to the unidentified “139Po” address, but which could potentially belong to a centralized cryptocurrency exchange or OTC service, according to The BlockThe German government has previously transferred bitcoins to that address, as we have reported in recent weeks.
The moves did not end there, as the German government also sent 1,000 BTC to a crypto address. FlowTraders and 133.7 BTC at one of Cumberland DRWBoth companies specialize in creating institutional cryptocurrency markets and offer trade settlement, investment management, and trading services.
Police in Germany have been moving large amounts of Bitcoin Over the past few weeks, after a Seizure of 50,000 BTC to the movie piracy site Movie2k in January. The BKA-labeled wallet currently holds 35,488 BTC worth approximately $2 billion.
The price of Bitcoin has faced a sharp correction amid alleged selling by the German government and other bearish factors. The largest and oldest cryptocurrency slipped below $55,000 yesterday before recovering modestly above $57,000 amid a 10% weekly decline.
It is worth noting that the movements of cryptocurrencies towards the exchanges They are often interpreted as signals of selling interest, which, when made by large holders, can add downward pressure to the market, driving prices down.
The German government has not commented publicly on the massive transactions of Bitcoinbut has already received criticism from at least one local politician. German parliament member Joana Cotar harshly criticized the government’s decision to sell “rapidly” the bitcoins that it owns instead of applying a comprehensive investment strategy.
“Instead of keeping bitcoin as a strategic reserve currency, as is already being discussed in the United States, our government is selling it on a massive scale”, Cotar wrote last Thursday, claiming that this was “senseless” and “counterproductive.”
Article by Hannah Estefanía Pérez / Bitcoin Diary
Picture of Unsplash
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