The cryptocurrency industry is considered volatile for several reasons. One of the main reasons for this is undoubtedly the sudden movement of numerous tokens. More recently, after transferring about 200 Bitcoin [BTC] to Coinbase, a prominent American exchange, the German government caused panic in the cryptocurrency market. The latest transfer was worth $65 million.
The latest transaction is part of a bigger movement of funds by the German government. Germany’s cryptocurrency wallet shifted 6,500 BTC valued at more than $425 million on June 19. Four transactions were carried out in the wallet: one outflow of 6,500 BTC to the wallet address “bc1q0unygz3ddt8x0v33s6ztxkrnw0s0tl7zk4yxwd,” and another outflow of 2,500 BTC to its address, valued at $154 million. After pocketing 6,500 BTC, the wallet address transferred 2,500 BTC to a different address, “bc1qq0l4jgg9rcm3puhhfwaz4c9t8hdee8hfz6738z.”
This wasn’t all. About four 500 BTC transactions were made using the above wallet address to transfer the latest received funds. Coinbase wasn’t the only exchange involved. Two of the four 500 BTC transactions went to Bitstamp and Kraken, two other prominent exchanges.
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How Does Germany Possess So Many Bitcoins?
Arkham revealed that the German Government crypto wallet has been holding close to 50,000 BTC since February 2024. This was worth about $2.12 billion. These funds were seized from Movie2k, a pirated movie website operator. At present, the German government holds a total of 49,859 BTC which is valued at $3.04 billion.
While the reason behind this transfer is uncertain, several believe that the government is preparing to sell. At press time, BTC was trading at a low of $64,616.93 with a 1.36% daily drop. If the government decided to unload its BTC, it could push the price of the king coin further down.
Also Read: Gemini Crypto Exchange Founders Donate $2M In Bitcoin To Donald Trump
