Last weekend, the German government reduced its Bitcoin reserves by 1,400 BTC, bringing its total reserves down from 41,226 BTC to 39,826 BTC.
According to recent data from Arkham Intelligence, the wallet address marked as "German Government" once again transferred 250 BTC to Coinbase and Bitstamp respectively, and another 500 BTC to the address starting with 139PoPE1b, for a total of 1,000 BTC this time. The recent transfer amount is approximately $80.12 million. Prior to this, the wallet had received deposits totaling approximately 1,915 BTC. The reduction in holdings has unsettled the cryptocurrency community and has affected market sentiment in recent weeks.
Joana Cotar, an independent member of the German Parliament, recently urged the government to stop liquidating Bitcoin holdings. Cryptocurrency supporter Cotar believes that Bitcoin can be used as an inflation hedge to promote economic sovereignty and innovation. Despite her belief, the government has continued its sell-off.
Lookonchain estimates that the German government has liquidated $819 million worth of Bitcoin. It still holds about $2.3 billion worth of Bitcoin, which indicates that the market may face continued selling pressure.
The German government transferred up to 2,800 Bitcoins to three decentralized exchanges, Coinbase, Bitstamp, and Kraken, on July 1 and July 2, respectively.
In total, the German government has transferred more than 3,000 Bitcoins to decentralized exchanges (CEX) since the past two weeks.
It is worth noting that part of the transferred funds (about 1,341.90 BTC) are now located in a new Bech32 segregated witness address. The address has recorded seven transactions and currently holds assets worth $76,589,498. Transactions involving the wallet involved platforms such as Coinbase, Kraken, Bitstamp, and Flow Traders, indicating business with over-the-counter (OTC) traders or market makers.
Germany’s Bitcoin wealth stemmed from the seizure of 50,000 Bitcoins from Movie2k.to, a website that aggregated pirated media content. At its peak, Movie2k.to was one of the most popular websites in Germany, surpassing even Twitter. The site was shut down in May 2013 after efforts by major film studios, and German authorities eventually confiscated 50,000 Bitcoins from one of the operators of the notorious site.
The German government’s continued liquidation of Bitcoin has increased volatility and uncertainty in the cryptocurrency market. This trend, along with other major Bitcoin moves by the government, continues to influence market dynamics.
Meanwhile, Mt. Gox, once the world’s largest Bitcoin exchange, was hacked in 2014 and lost 850,000 Bitcoins. After nearly a decade of bankruptcy proceedings, the restitution process began in July and is expected to end in October. The exchange will repay 142,000 BTC and 143,000 BCH to creditors.
According to Arkham, on July 5, Mt. Gox transferred 47,229 BTC (worth $2.71 billion) from its cold wallets. Of this, 1,544.7 BTC ($84.9 million) was sent to the exchange Bitbank, and another 1,157.1 BTC was sent to an unknown address, possibly another repayment exchange.
The price of Bitcoin has also experienced a drop of about 2.5% in the past 24 hours, and Bitcoin is currently trading at around $55,600.
Vancouver is exploring using Bitcoin in its financial reserves to protect against economic instability and inflation. The city aims to position itself as a hub for digital asset businesses and attract tech talent.
WeatherlyBrazil is considering a law to create a Bitcoin reserve, RESBit, as part of its economic strategy to strengthen stability and support its digital currency, Drex. Inspired by El Salvador's Bitcoin use, the reserve would diversify assets and be managed with blockchain for transparency.
WeatherlyAlan Joseph, a 36-year-old from Lancaster, Massachusetts, was convicted on 22 November 2024 for operating an unlicensed money transmitting business and laundering money through Bitcoin for criminals involved in trafficking counterfeit goods. He faces up to 20 years in prison and a fine, with sentencing set for February 2025.
AnaisRumble is investing up to $20 million in Bitcoin as part of its strategy to diversify its treasury and strengthen ties with the crypto community. This move follows the example of companies like MicroStrategy, which has invested billions in Bitcoin.
JoyBitcoin is nearing the $100,000 mark, driven by growing optimism around Trump’s crypto-friendly policies and rising institutional interest. The crypto market is surging, with altcoins also gaining strength, signaling a bullish trend across the sector.
AnaisSouth Africa's Schindlers Digital Assets has created a legal process allowing cryptocurrency holders to buy property, making it easier to use digital assets for real estate transactions. The first event will be a property auction on 21 November 2024, marking a key step in integrating crypto with the real estate market.
AnaisMichael Saylor plans to present a Bitcoin investment strategy to Microsoft’s board ahead of a key vote on 10 December. The proposal, backed by shareholder activism, suggests Microsoft consider Bitcoin as a potential investment, citing MicroStrategy's success with the asset.
AnaisA Brazilian pianist lost access to his Bitcoin wallet worth over 2 million reais after misplacing his recovery phrase. Despite efforts to recover it, he faces the harsh reality that without the backup phrase and PIN, the funds are likely gone for good.
JoyNFT sales surged to $181 million in the week ending 17 November 2024, driven by the broader cryptocurrency market rally, particularly Bitcoin's rise. Ethereum and Bitcoin led the market, while other blockchains like Solana also contributed to the rebound.
AnaisSince Trump's election, Bitcoin has seen a surge of 230,000 new funded wallets, signalling strong retail interest driven by FOMO. This influx of new investors is contributing to Bitcoin's price stability and pushing its dominance in the crypto market above 50%.
WeatherlyA cryptocurrency wallet labeled “German Government (BKA)” has sold another $900 million worth of Bitcoin, raising concerns that the associated selling pressure will push BTC prices lower.
JinseFinanceBundestag member Joana Cotar strongly criticized the German government’s recent decision to sell off its massive BTC holdings.
JinseFinanceCritics believe that such large-scale liquidations by the government could have long-term negative effects on the stability of the Crypto asset market.
JinseFinanceThe governments of Germany and the United States have made strategic moves to transfer large amounts of Bitcoin and Ethereum, attracting market attention.
JinseFinanceU.S. authorities accuse German entrepreneur Horst Jicha of orchestrating a crypto pyramid scheme, defrauding investors of $150 million.
MiyukiThe removal of its iOS and Chrome Extension wallets from the market is scheduled for November 1, 2023, although customers will still be able to access their wallets until October 1.
Coinlive The messaging feature will support the 1.3 million Ethereum addresses using the wallet that are human-readable and/or ENS-enabled.
nftnowAs per the details from a tweet thread by Coinbase, iOS users will be unable to send NFTs from their wallets on iOS devices anymore.
OthersWallet.app is launching the next stage in its EU-based, fully compliant crypto custody wallet, exchange and payment platform that will ...
BitcoinistThe new German coalition aims to adapt the "European Financial Market Supervision Act" to crypto assets and businesses.
Cointelegraph