As a seasoned crypto investor with a keen interest in following government actions related to Bitcoin, I find the recent moves by the German government rather concerning. The fact that they have transferred over $297 million worth of Bitcoin to exchanges within a single day is a significant development, especially since this is the largest amount reportedly offloaded by the German government in one go.
As an analyst, I’ve uncovered some intriguing information: On Monday, I observed a significant transaction from the German government. They transferred approximately 297.3 million US dollars equivalent in Bitcoin to various exchanges. Among these exchanges were Coinbase and Bitstamp, as reported by Arkham Intelligence’s data.
As a researcher studying Bitcoin transactions, I’ve discovered that the German government transferred the largest recorded quantity of Bitcoin in a single day.
A new group of transfers has occurred, following the German authorities transferring 700 Bitcoins to exchanges last weekend.
The leading cryptocurrency is currently trading just below the $56,000 level.
James Butterfill of Coinshares explained to CNBC that the market mood has turned sour as a result of the persistent selling actions taken by the German authorities, even though the magnitude of these sales is relatively small when considering Bitcoin’s overall global trading activity.
Plenty of Bitcoins left to sell
The German government maintains control over approximately 1.35 billion dollars’ worth of Bitcoins, which originated from the Federal Criminal Police Office and have been acquired through continuous purchasing.
As a crypto investor following the latest news, I’ve come across an intriguing update from Arkham. Reportedly, the authorities have sold off over half of the cryptocoins seized from one of the Movie2k website’s operators.
According to U.Today’s report, Joana Cotar, a German parliament member, has criticized the German government for selling its Bitcoins. She urged Chancellor Olaf Scholz and other prominent politicians to rethink the current policy, emphasizing the advantages of owning the largest cryptocurrency.
According to BitcoinTreasuries’ data, Germany is among the leading nations with significant bitcoin holdings, amounting to over ten billion dollars. The US takes the lead with approximately $12 billion worth of these digital assets. The governments of China and the United Kingdom follow closely in the top three ranks.
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2024-07-08 21:12