Markets
Governments move over $100 million in cryptocurrencies
The German and US governments have transferred more than $100 million in cryptocurrency.
On July 1, the German government transferred 1,500 Bitcoins (BTC), worth approximately $95 million, with some of the funds being sent to major cryptocurrency exchanges.
At the same time, the US government transferred 3,375 Ethereum (ETH), valued at approximately $12 million, to an undisclosed wallet.
The trades come as the crypto community anticipates a market rebound in July, following historical patterns of recoveries after June downturns.
The German government transaction involved the transfer of 400 BTC to exchanges such as Bitstamp, Coinbase, and Kraken, which may suggest plans to liquidate these assets.
Over the past two weeks, Germany has transferred 2,700 BTC to various exchanges.
Despite these transactions, Germany maintains a substantial stash of 44,692 BTC, estimated to be worth around US$2.8 billion.
The U.S. government’s Ethereum transfer reportedly comes from assets previously seized from Estonian crypto entrepreneurs Potapenko and Turogin, marking a significant change in the management of these funds.
The United States still holds 49,320 ETH, worth an estimated $172 million.
Market dynamics are further complicated by the expected start of reimbursements in the Mt. Gox case, which is expected to begin in July 2024.