Markets
Governments move more than US$100 million in cryptocurrencies
The German and US governments have transferred over $100 million in cryptocurrencies.
On July 1, the German government moved 1,500 Bitcoins (BTC), worth approximately $95 million, with some of these funds being sent to major cryptocurrency exchanges.
At the same time, the US government transferred 3,375 Ethereum (ETH), valued at around $12 million, to an undisclosed wallet.
These transactions come amid expectations from the cryptocurrency community for a market recovery in July, following historical recovery patterns after the June crises.
The German government’s transaction involved the transfer of 400 BTC to exchanges such as Bitstamp, Coinbase and Kraken, which may suggest plans to liquidate these assets.
In the past two weeks, Germany has transferred 2,700 BTC to various exchanges.
Despite these transactions, Germany maintains a substantial reserve of 44,692 BTC, estimated to be worth around $2.8 billion.
The US government’s Ethereum transfer reportedly originates from assets previously confiscated from Estonian cryptocurrency entrepreneurs Potapenko and Turogin, marking a significant shift in the management of these funds.
The US still holds 49,320 ETH, with an estimated value of $172 million.
Further complicating market dynamics is the expected start of refunds in the Mt. Gox case, scheduled for July 2024.