German Government Continues Its Plan of Selling Confiscated Cryptocurrencies

The German government went on with its plan of selling confiscated cryptocurrencies. They moved large amounts of Bitcoin to different exchanges and wallets on Thursday.

The German government continued its plan to sell confiscated cryptocurrencies on Thursday, moving large amounts of Bitcoin to different exchanges and wallets in a series of transactions that could have impacted the coin's price.

According to data from Arkham Intelligence, the government traded a total of 10,627 Bitcoins, valued at around $615.3 million at the time of the trades. The trades were spread out over the day and across different time zones, likely to minimize the impact on any single market.

Here's a detailed overview of the transactions:

The first batch of transactions occurred at 7:51 am UTC, where 375 Bitcoins, each valued at around $21.8 million, were sent to three major cryptocurrency exchanges. Among the platforms that received the BTC were Bitstamp, Kraken, and Coinbase, some of the most popular exchanges in the world.

This was followed by a transfer of 1,000 Bitcoins, worth approximately $581 million at the time, to a wallet that Arkham identified as belonging to B2C2 Group. Another 250 Bitcoins, valued at $145 million, were sent to an institutional deposit address labeled “bc1qu,” which is typically used for over-the-counter (OTC) service.

Later on, another 152 BTC were sent at around 10:06 am UTC, and this time the amount transferred was around $89 million, to Cumberland DRW, a crypto market maker. This was again succeeded by another 100 Bitcoins sent to the same firm one hour after the first transaction.

Other transactions that occurred before midday included 1,500 bitcoins ($882 million) to B2C2 Group, while another 1,000 BTC were sent to Bitstamp, Coinbase, and Kraken in different amounts.

The government's actions had a limited impact on the price of Bitcoin, with the coin experiencing slight fluctuations but largely remaining stable at around $57,700, with a minor daily decline of 0.3%. This stability comes despite the large-scale liquidations, highlighting the resilience of the crypto market at present.

At the end of the day, the German government’s holding was brought down to around 4,925 Bitcoin. This holding is still worth more than $283 million in the present time.

The government initially seized 50,000 Bitcoins from a movie piracy website, and the sales are part of a broader effort to divest the confiscated assets. The government had earlier sold a portion of the BTC in December, and the remaining sales are expected to continue in the coming months.

As the government sells off the remaining confiscated cryptocurrencies, the market will be watching closely to see how these transactions impact the price of Bitcoin. With such large sums still to be sold, further market movements are likely.

Moreover, the government's strategy of selling confiscated cryptocurrencies is part of a broader trend where government actions in the crypto sector create significant waves across markets, further highlighting the interconnectedness of financial systems and digital assets.

The above is the detailed content of German Government Continues Its Plan of Selling Confiscated Cryptocurrencies. For more information, please follow other related articles on the PHP Chinese website!