I couldn't find the Crypto/Bitcoin thread so.... I started this to communicate to the forum.
Everyone has seen the recent drop in BTC. Almost 20% over the last several weeks. So WTH happened???? This may explain it.
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Bloomberg article on Germans seizing 50k bitcoins and selling them.
July 12, 2024 at 7:44 PM UTC
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The German government has sent out its last Bitcoin on Friday, possibly ending billions of dollars in sales that have been the subject of market speculation in recent weeks, according to data from blockchain analysis firm Arkham Intelligence.
The government, which has a zero balance in its main account, likely started selling its cache of more than $2 billion in Bitcoin through exchanges such as Coinbase Global Inc., Kraken and Bitstamp three weeks ago, according to Arkham’s record of transactions. Arkham didn’t immediately return a request for comment.
The Dresden Public Prosecutor’s Office didn’t immediately return a request seeking comment.
BREAKING: The German Government is now out of Bitcoin. The German Government just sent 3846.05 BTC ($223.81M) to Flow Traders and 139Po (likely institutional deposit/OTC service). The German Government has 0 BTC ($0.00M) remaining.
In January, German authorities said they secured almost 50,000 Bitcoin, which a suspect voluntarily transfered to the government amid allegations of commercial, unauthorized use of copyrighted works and commercial money laundering.
Bitcoin’s price has been choppy in recent weeks amid speculation about German government’s sales, as well as an overhand from ongoing repayments to creditors by bankrupt Japanese crypto exchange Mt Gox. Bitcoin has slumped about 7% in July, and was trading at around $57,840 on Friday.
Everyone has seen the recent drop in BTC. Almost 20% over the last several weeks. So WTH happened???? This may explain it.
---------------------------------------------------------------------
Bloomberg article on Germans seizing 50k bitcoins and selling them.
Germany Appears to Finish Bitcoin Sales, Data Tracker Arkham Says
- The German government had received 50,000 Bitcoin in January
- Bitcoin’s price has been choppy in recent weeks on worries
July 12, 2024 at 7:44 PM UTC
Save
The German government has sent out its last Bitcoin on Friday, possibly ending billions of dollars in sales that have been the subject of market speculation in recent weeks, according to data from blockchain analysis firm Arkham Intelligence.
The government, which has a zero balance in its main account, likely started selling its cache of more than $2 billion in Bitcoin through exchanges such as Coinbase Global Inc., Kraken and Bitstamp three weeks ago, according to Arkham’s record of transactions. Arkham didn’t immediately return a request for comment.
The Dresden Public Prosecutor’s Office didn’t immediately return a request seeking comment.
BREAKING: The German Government is now out of Bitcoin. The German Government just sent 3846.05 BTC ($223.81M) to Flow Traders and 139Po (likely institutional deposit/OTC service). The German Government has 0 BTC ($0.00M) remaining.
In January, German authorities said they secured almost 50,000 Bitcoin, which a suspect voluntarily transfered to the government amid allegations of commercial, unauthorized use of copyrighted works and commercial money laundering.
Bitcoin’s price has been choppy in recent weeks amid speculation about German government’s sales, as well as an overhand from ongoing repayments to creditors by bankrupt Japanese crypto exchange Mt Gox. Bitcoin has slumped about 7% in July, and was trading at around $57,840 on Friday.
