Germany Transfers $28 Million in Bitcoin to Exchanges

The German government continues to offload parts of its substantial Bitcoin reserves, transferring $28 million worth to Bitstamp and Coinbase.
Germany Transfers $28 Million in Bitcoin to Exchanges
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Key Takeaways

  • Germany transfers $28 million in Bitcoin to exchanges.
  • Germany originally seized nearly 50,000 BTC in 2013, now worth around $2.3 billion.
  • The government has moved $390 million in Bitcoin since mid-June.

The German government shifted another $56 million in Bitcoin to various platforms on Monday, transferring 500 BTC to Bitstamp and Coinbase (250 BTC each), worth approximately $27.9 million, and an additional 500 BTC to an unmarked address.

This activity follows the government’s ongoing sell-off of its Bitcoin holdings, originally seized in 2013 from the defunct piracy website Movie2K. At current market prices, the original stash of nearly 50,000 BTC is valued at around $2.3 billion.

Since mid-June, Germany has moved roughly $390 million in Bitcoin to different exchanges. These actions indicate potential liquidation plans, contributing to price volatility. Last week, Bitcoin’s price fell below $55,000 amid these transactions.

Despite these sales, Germany retains a significant portion of its Bitcoin holdings, with approximately 40,000 BTC remaining, valued at nearly $2.2 billion. This substantial reserve continues to pose a potential impact on daily Bitcoin trading volumes, causing experts to warn of possible further market disruptions.

The recent liquidations coincide with the anticipated payouts to creditors from the 2014 collapse of Mt. Gox, adding another layer of selling pressure on Bitcoin in an already bearish market environment.

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