The
German
government
is
intensifying
its
divestment
of
Bitcoin
seized
from
a
movie
piracy
website,
adding
selling
pressure
to
an
already
jittery
market.
According
to
Arkham
Intelligence
data,
the
government
transferred
900
BTC,
valued
at
over
$54
million,
in
three
transactions
on
June
25.
Of
these,
200
BTC
were
moved
to
the
Coinbase
exchange,
another
200
BTC
to
the
Kraken
exchange,
and
the
remaining
amount
to
an
unmarked
wallet,
“139Po.”
This
substantial
move
is
part
of
German
authorities’
recent
trend
of
large-scale
Bitcoin
transactions.
Last
week,
approximately
$195
million
in
Bitcoin
was
transferred
to
major
exchanges,
including
Coinbase,
Kraken,
and
Bitstamp.
Despite
these
transactions,
the
German
government
still
holds
46,359
BTC,
estimated
to
be
worth
over
$2
billion,
according
to
Arkham
Intelligence.
The
substantial
BTC
stash
was
acquired
by
seizing nearly
50,000
BTC
from
the
piracy
site
Movie2k.to
earlier
this
year.
According
to
Bitcoin
Treasuries
data,
Germany
is
one
of
the
top
five
countries
with
a
substantial
Bitcoin
balance,
behind
the
United
States,
China,
and
the
United
Kingdom.
Bitcoin
price
struggling
The
ongoing
liquidation
by
the
German
government
adds
further
volatility
to
the
crypto
market,
with
analysts
closely
monitoring
these
movements
and
their
potential
impact
on
Bitcoin’s
price.
During
the
past
day,
BTC’s
price
fell
to
$58,500
for
the
first
time
since
early
May
after
bankrupt
Mt.
Gox
revealed
that
it
would
begin
Bitcoin
repayments
for
its
creditors.
According
to
CryptoSlate’s
data,
the
top
digital
asset
has
slightly
recovered
to
$61,300
as
of
press
time,
recovering
almost
5%
from
the
local
bottom.
Some
market
experts
argued
that
this
announcement
spooked
the
market,
fuelling
substantial
selling
pressure
on
crypto
trading
platforms.
Others
believe
that
the
current
dip
was
fear-driven.
JAN3
CEO
and
Bitcoin
bull Samson
Mow
said:
“Right
now,
this
Bitcoin
dip
is
purely
sentiment
and
fear
driven,
not
from
selling
of
large
holdings.
Even
when
Gox
coins
come
to
market,
if
there
are
sales,
they
will
likely
be
via
OTC
and
will
have
minimal
impact
on
price.”
Go to Source
Author: Oluwapelumi Adejumo
