Bitcoin transfer to crypto exchanges
The German government has transferred millions of seized Bitcoin to major crypto exchanges Kraken and Coinbase. These transfers, which originated from a wallet linked to Germany's Federal Criminal Police Office (BKA), include $24 million sent to the exchanges, as well as an additional $30 million to an unidentified wallet. This follows a previous movement of $195 million in Bitcoin on June 19 and 20. This brings the total Bitcoin transfers to over $425 million in the past week.
Possible sale of Bitcoin assets
Although the government is keeping the majority of the seized bitcoin, these transactions indicate a possible plan to liquidate some of these assets. Selling such bitcoin could put downward pressure on the price, which has already fallen below $60,000 on the news. The wallet still holds over 46,000 bitcoin, worth nearly $3 billion, which has increased significantly in value since its seizure in 2013.
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