Germany Transfers Additional $28 Million in Bitcoin to Bitstamp and Coinbase
Germany has continued to transfer Bitcoin from its government holdings to crypto exchanges, moving over $28 million worth of BTC to Coinbase and Bitstamp. Analytics firm Arkham identified addresses linked to the German government that transferred 250 BTC each to the mentioned exchanges, along with an additional 500 BTC sent to an unidentified address. The German government’s total Bitcoin holdings, seized from criminal cases, amount to 38,826 BTC valued at over $2.23 billion.
These recent transfers have impacted the crypto market, causing Bitcoin’s price to drop to under $55,000 before stabilizing around $57,590. A Member of the Bundestag criticized the government for lacking a clear strategy in handling Bitcoin sales. Tron founder Justin Sun even made a public offer to buy the remaining BTC holdings to mitigate market impact.
Analysts believe that the selling pressure on Bitcoin is likely to persist, especially with Germany’s recent sell-off and the transfer of funds from Mt. Gox’s bankruptcy estate. Mt. Gox users are awaiting restitution of up to $7.7 billion lost in a hack over a decade ago, with repayments expected to begin in July.
The ongoing Bitcoin sales by the German government and other market activities have led to price fluctuations and market volatility. Despite these challenges, the crypto market continues to attract attention and investment from various stakeholders.
