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The German government continued to move Bitcoin From its holdings to crypto exchanges Monday morning, transferring more than $28 million worth of BTC to Coinbase and Bitstamp.
Addresses linked to the German government at crypto analytics firm Arkham moved 250 BTC each to Coinbase and Bitstamp. An additional 500 BTC worth $28 million was also sent to an unknown address.
According to the Arkham Intelligence Dashboard, the German government's Bitcoin holdings in criminal cases are 38,826 BTC, worth more than $2.23 billion at current prices. Most of his holdings were seized in January, when bitcoin was trading at around $46,000.
In recent days, the German government has been delisting Bitcoin on crypto exchanges. The price of Bitcoin to plunge below $55,000 and wreak havoc on the broader crypto markets. At the time of publication, the price of Bitcoin had recovered to around $57,590, trading flat on the day.
At the end of the week, independent Bundestag member Joanna Kotar argued that the German government had no strategy to deal with Bitcoin, arguing that “the government doesn't know the consequences or I'm not sure if there are any.” His sales.”
Others took advantage of Germany's bitcoin sale, with controversial Tron founder Justin Sun making an official offer to buy the German government's remaining BTC holdings to “reduce his influence on the market.”
Bitcoin sales pressure
Analysts told Decrypt that the selling pressure on Bitcoin is unlikely to decrease in the coming days, Germany's sell-off in the last week has weakened the crypto exchange Mt. Gox.
The Mt. Gox users are awaiting refunds of up to $7.7 billion due to a hack 10 years ago, with payments expected to begin in July.
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