German Government Moves Millions More in Bitcoin to Exchanges

The German Federal Felony Police Workplace (BKA) on Monday transferred a further 1,500 Bitcoin, valued at almost $95 million, to a number of crypto exchanges, together with Bitstamp, Coinbase, and Kraken. 

JUST IN: 🇩🇪 German Authorities sends one other 1,500 #Bitcoin price $95 million to exchanges 👀 pic.twitter.com/AZqs0UFWei

— Bitcoin Journal (@BitcoinMagazine) July 1, 2024

This follows a sequence of transactions since June 19, the place the German authorities has moved Bitcoin price roughly $220 million to numerous exchanges, in keeping with knowledge from Arkham.

The German authorities first acquired these Bitcoin after a large-scale seizure in 2013. The BKA confiscated nearly 50,000 Bitcoin, then valued at over $2 billion, from the operators of Movie2k.to, a infamous movie piracy web site energetic throughout that interval. 

These actions counsel a possible intention by the German authorities to liquidate a number of the Bitcoin within the crackdown.

This transfer by Germany mirrors current actions by the U.S. authorities, which additionally transferred tens of millions of {dollars} in Bitcoin to exchanges, doubtlessly signalling their intention to promote. In each circumstances, the transfers have sparked important hypothesis inside the Bitcoin neighborhood concerning the potential impression on Bitcoin’s market value.

Regardless of the substantial actions, a lot of the seized Bitcoin stays underneath the German authorities’s management. Nearly 44,692 Bitcoin, price roughly $2.82 billion, are nonetheless held in authorities wallets. Because of this the current transfers, whereas notable, symbolize a comparatively small portion of the entire holdings.

Because the scenario unfolds, how the Bitcoin market will react to those government-initiated actions stays to be seen.