Markets
US, Germany trade over $100M in bitcoin as market braces for impact
German government moves huge sums of money Bitcoin again, just days after similar moves by the European nation apparently contributed to the BTC price drop – and the US is also moving Bitcoin.
As of Monday morning, wallets known to be associated with the German government transferred some $94.94 million worth of BTC to multiple destinations, according to data from Arkham Intelligence.
In total, 1,500 BTC were transferred. Many tokens were distributed across accounts of major cryptocurrency exchanges: 200 BTC were transferred to a Bitstamp account, 100 BTC to a Coinbase account, and another 100 BTC were sent to a Kraken wallet.
The remaining 1,100 BTC were split between two unknown wallets: 500 BTC sent to one and 600 BTC to the other.
This morning’s activity marks the latest cryptocurrency-related moves for the German government, which has executed a wave of token transfers in recent weeks. The German government is one of the largest state holders of cryptocurrencies in the world, with some $2.8 billion worth of BTC seized in its possession.
Last month, Germany began to liquidate that supply, selling more than Worth $195 million of BTC in less than 24 hours. In a short time, the selling pressure pushed The price of BTC has dropped by around 3.5%.
Today’s transfers do not appear to have included any token sales. BTC price remained stable this morning, up 2% $62,930 to writing.
The United States, which is by far the world’s largest cryptocurrency holding state, also made crypto-related moves on Monday. Wallets associated with the U.S. government moved $3,375 ETHworth $11.75 million at the time of writing, at an unknown address.
Last week, the United States moved 3,940 BTCworth $248 million, into a Coinbase Prime account. According to Arkham, the funds were seized from Banmeet Singh, an Indian drug lord who sold narcotics for cryptocurrency on dark web marketplaces.
Singh pleaded guilty earlier this year; as part of his plea deal, he forfeited his cryptocurrency assets to U.S. authorities, in the largest seizure of cryptocurrency and cash ever made by the U.S. Drug Enforcement Administration (DEA).
The U.S. government currently holds more than $13.8 billion worth of cryptocurrencies, according to ArkhamMore than 97% of these assets are in Bitcoin.
Edited by Andre Hayward