German government sends another $17 million in Bitcoin to exchanges – DiarioBitcoin
By Hannah Perez
The German government has been moving large amounts of bitcoins in recent weeks. The stash comes from a seizure of 50,000 BTC from a movie piracy site.
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- The German government made another whale move
- Sent more than 280 BTC to exchange platforms
- He also moved more than 1,000 bitcoins to other addresses.
- BTC hovers around USD $62,700 and remains in bearish territory
The German government continues its moves Bitcoin towards the exchanges.
A wallet address associated with German authorities just transferred another $17 million in Bitcoin (BTC) to three cryptocurrency exchange platforms.
In particular, the data from Arkham Intelligence revealed that a wallet identified as belonging to the German Federal Criminal Police Office (BKA) had made a deposit of 150 BTC to an address of Bitstampfollowed by one for 100 BTC to Coinbase and another for 32.74 BTC to the exchange Kraken.
Also this morning, the same German police department reportedly transferred 361.8 BTC worth USD $22.6 million on the platform. Flow Traders and sent 688 BTC worth $42.6 million to an unidentified address “139Po” in two separate transactions. The authority also made internal movements between its own wallets, according to the data.
The German government has been moving aggressively bitcoins over the past few weeks, sending much of the funds to the exchanges cryptocurrencies, which has prompted speculation of sales.
Addresses labeled as owned by the German government began to send bitcoins to cryptocurrency exchanges last month following the Seizure of 50,000 BTC from the movie piracy site Movie2k in January.
Yesterday, the same address deposited another 400 bitcoins to the same exchange platforms and it is estimated that it has sent a total of more than 3,000 BTC to the exchanges in recent weeks. That German government-labeled address currently holds just over 43,800 BTC with an estimated value of USD $2.7 billion.
The US government has also been making whale moves. Yesterday, a wallet linked to US authorities moved 3,375 ETH after transferring nearly 4,000 BTC worth over $240 million to Coinbase last week.
Amid this trend of apparent selling of cryptocurrencies by large governments, Bitcoin has turned bearish. The price action of the largest and oldest cryptocurrency has been depressed, with BTC retreating to multi-week lows. Bitcoin is around USD $62,700 at the time of publication after closing June with a loss of 7%.
Cryptocurrency movements towards the exchanges They are often interpreted as signals of selling interest, which, when carried out by large holders, can add downward pressure to the market, driving prices down. Neither government has commented on the recent cryptocurrency movements.
Article by Hannah Estefanía Pérez / Bitcoin Diary
Image by Unsplash
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