of German The Federal Criminal Police Office (BKA) on Monday transferred an additional 1,500 bitcoin, worth about $95 million, to several cryptocurrency exchanges, including Bitstamp, Coinbase and Kraken.
Latest update: 🇩🇪 German government deploys 1,500 more staff #Bitcoin Worth $95 million to the exchange 👀 pic.twitter.com/AZqs0UFWei
— Bitcoin Magazine (@BitcoinMagazine) July 1, 2024
This follows a series of transactions since June 19th. The German government According to Arcam data, around $220 million worth of Bitcoin is traded across various exchanges.
The German government first acquired bitcoin after a major seizure in 2013. The BKA seized around 50,000 bitcoins, worth more than $2 billion at the time, from the operators of the notorious movie piracy website Movie2k.to, which was active at the time.
These moves suggest that German authorities intend to liquidate some of the Bitcoin holdings as part of their crackdown.
This move by Germany U.S. GovernmentAlso sending millions of dollars worth of Bitcoin to exchanges, potentially signaling their intention to sell. In either case, the transfers have sparked significant speculation within the Bitcoin community about their potential impact on Bitcoin’s market price.
Despite the significant movement, most of the seized bitcoin remains in the control of the German government: approximately 44,692 bitcoins, worth roughly $2.82 billion, are still held in government wallets, meaning that while the recent movement is notable, it represents a relatively small percentage of the total holdings.
It remains to be seen how the Bitcoin market will react to these government-led moves as the situation develops.
