Markets
German Government Moves $56.65M in BTC Amid Market-Wide FUD
The German government has made another big Bitcoin (BTC) movement as the market moves into the bearish zone.
Second data Provided by Arkham Intelligence, the German government transferred 1,000 BTC, worth $56.65 million at the time of writing, at 06:48 UTC today. The entity sent 250 coins to cryptocurrency exchanges Coinbase and Bitstamp each.
The remaining 500 BTC were transferred to an unknown address, “139PoP…H7ybVu,” which may be an over-the-counter (OTC) service.
Additionally, the German government still holds 38,826 BTC, worth $2.16 billion.
On July 6th the government transferred $40.47 million in Bitcoin to the same address mentioned above. The assets were then moved to two other Bitcoin wallets, each containing $91.6 million and $23.7 million in BTC, respectively.
The sell-off comes as Bitcoin and altcoins suffer significant losses. BTC is down 2.2% in the past 24 hours and is trading at $56,650 at the time of writing. The asset’s daily trading volume is up 29%, reaching $26.6 billion. Bitcoin’s market cap stands at $1.11 trillion.
Member of the German Bundestag Joana Cotar solicited the government to stop the sale of Bitcoin. He called BTC a “strategic reserve currency” and said that Bitcoin could diversify the German treasury’s assets.
Tron founder Justin Sun said on July 4 that it is willing to buy Germany’s Bitcoin holdings via OTC. He added that this could “minimize the impact on the market.”