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German Government Initiates Massive Bitcoin Sell-Off, Sparking Market Jitters
German Government Initiates Massive Bitcoin Sell-Off, Sparking Market Jitters
The German government has initiated the sale of a significant Bitcoin stock seized from the operators of a film piracy website. Over $195 million in Bitcoin has been sold in the last 24 hours. In the latest transactions, $65 million in Bitcoin was likely deposited into exchanges, adding to the $130 million moved the previous day. Despite these sales, the German government still holds approximately $3.05 billion in Bitcoin.
This move is part of a recent trend of large-scale Bitcoin transactions by German authorities, with large funds transferred to major exchanges such as Coinbase, Kraken and Bitstamp, prompting further sales. The nearly 50,000 Bitcoins, originally seized from the operators of Movie2k.to, a movie piracy site last active in 2013, were handed over to the German Federal Criminal Police Office (BKA) in January following the voluntary surrender of the suspects .
The sale has already had an impact on the market price of Bitcoin, which has plummeted due to these significant sales. Bitcoin price has fallen approximately 0.67% over the past 24 hours, now sitting at around $64,723, contributing to a decline of nearly 3% over the past 7 days.
Despite the German government’s sell-off, companies like MicroStrategy continue to display a bullish attitude. The software company recently purchased $786 million worth of Bitcoin, expanding its significant holdings. This acquisition followed the raising of $800 million through convertible senior notes.