Cryptocurrencies

German government dumps millions worth of Bitcoin again


The German government has once again sent a large amount of bitcoin, this time 4,127 BTC, worth around $240.9 million, to various crypto exchanges. This is the second time in a week that the government has sold a large amount of bitcoin, with the aim of selling the digital assets seized from the hacked movie piracy website Movie2K.

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A week full of sales?

Last week, the German government already started selling its bitcoin stock. On Thursday, July 6, more than 10,853 BTC, worth about 637.7 million dollars, were sold. sent to various exchangesHowever, most of these bitcoins were recovered, likely because no buyers could be found for these large amounts of bitcoin.

Bitstamp, Kraken and Coinbase as receivers

The recent transactions were made on July 11 to various crypto exchanges, including Bitstamp, Kraken, and Coinbase. Institutional trading platforms B2C2 Group and Cumberland DRW also received a significant portion of the transferred bitcoins. The German government is still holding approximately 11,425 BTC, worth over $671 million.

Source: https://platform.arkhamintelligence.com/explorer/entity/germany

Criticism by Joana Cotar

German politician Joana Cotar, a bitcoin advocate, has spoken out against the sale of bitcoins. According to her, this is “counterproductive” and will negatively impact the price of bitcoin. Cotar fears that the sale of these large amounts of bitcoin will lower the value of the cryptocurrency and slow the growth of the bitcoin community.

What is the impact of this sale?

It is too early to say what the ultimate impact of this sale will be on the price of bitcoin. The market is volatile and can react quickly to large transactions. It will be important to continue to monitor what happens to the remaining bitcoins, as this also coincides with the release of bitcoin from the Mt. GOX saga.

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