German government transfers Bitcoin holdings
The German government has continued to transfer its Bitcoin holdings to exchanges, moving over $56 million worth of cryptocurrencies in multiple transactions. Blockchain data shows that addresses associated with the government sent 500 Bitcoin (BTC) to the Bitstamp and Coinbase exchanges (250 BTC each), as well as another 500 BTC to an unmarked address. These actions are related to the seizure of nearly 50,000 Bitcoin in 2013 from the now-defunct piracy site Movie2K. These Bitcoin would be worth about $2.3 billion today.
Germany transfers cryptocurrencies worth $390 million
Since mid-June, Germany has moved around $390 million worth of cryptocurrencies to various platforms, indicating possible intentions to sell some of its reserves. These activities have contributed to the volatility of the Bitcoin price. Last week, the price fell below $55,000. Despite these transfers, Germany still holds about 40,000 Bitcoin, worth almost $2.2 billion and representing a significant portion of daily trading volume. Further liquidation could pose additional risks to the stability of the Bitcoin cryptocurrency.
Payouts to creditors of the Mt. Gox collapse
These transactions come as long-awaited payouts to creditors of the 2014 Mt. Gox collapse are set to begin. This could further increase selling pressure in an already bearish (falling) market environment.
