German Government Moves Over $900 Million in Bitcoin to Exchanges 🚀
The German government has significantly increased the amount of seized Bitcoin it’s transferring to exchanges and market makers. In just 8 hours on Monday, more than $900 million worth of Bitcoin was moved, as per on-chain data tracked by Arkham Intelligence. Here’s what you need to know:
Key Updates on German Government Bitcoin Transfers 👀
- Recent transfers include $200 million worth of Bitcoin sent to Flow Traders and further deposits to Coinbase, Bitstamp, and Kraken.
- These transfers don’t necessarily mean the assets have been sold but indicate potential interest in liquidating them.
Market Reaction and Price Drop 📉
- The markets responded swiftly to these transfers, with Bitcoin’s price dropping by nearly 3% within an hour.
- The price fell to $55,300 from above $57,000 earlier on Monday, according to CoinGecko data.
Germany’s Bitcoin Holdings and Origin 👀
- Germany’s Bitcoin holdings now stand at $1.34 billion, down from a recent peak of $3.5 billion a month ago.
- The seized Bitcoins primarily come from funds confiscated from the creators of Movie2k.to, a defunct movie piracy website.
Hot Take: Germany’s Ongoing Bitcoin Movements
Stay tuned for more updates on the German government’s Bitcoin transfers. The evolving situation could have implications for both the crypto market and legal proceedings related to seized assets.
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