CDS Crypto News Germany Liquidates Bitcoin, Moves $900 Million in a Mere 8 Hours
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Germany Liquidates Bitcoin, Moves $900 Million in a Mere 8 Hours

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Germany Liquidates Bitcoin, Moves $900 Million in a Mere 8 Hours

Germany Liquidates Bitcoin, Transfers $900 Million in Just 8 Hours

Germany Liquidates Bitcoin– The German government has significantly ramped up its movement of seized Bitcoin to exchanges and market makers, transferring over $900 million in just 8 hours on Monday, according to on-chain data tracked by Arkham Intelligence.

Recent hours have seen a flurry of transfers following Decrypt’s report of $28 million sent each to Coinbase and Bitstamp, split evenly, with another $28 million sent to an undisclosed address.

In the latest transfers, $200 million in Bitcoin was sent to Flow Traders, alongside additional deposits to Coinbase, Bitstamp, and Kraken. While these transfers don’t confirm immediate sales, they indicate a likely interest in liquidating the assets.

Markets reacted swiftly to the latest transfers, with Bitcoin’s price dropping nearly 3% in the last hour alone to $55,300, as reported by CoinGecko. Earlier on Monday, Bitcoin had traded above $57,000.

Germany Accelerates Bitcoin Transfers, Holdings Dip to $1.34 Billion

Germany’s recent flurry of Bitcoin transfers has reduced its holdings to $1.34 billion, down from a peak of $3.5 billion just a month ago. This marks the largest series of single-day transfers observed to date.

Germany’s Bitcoin reserves primarily stem from the seizure of funds belonging to the operators of Movie2k.to, a now-defunct movie piracy site. In January, the government confiscated 50,000 BTC from the site’s proprietors.

In recent weeks, Germany has executed several smaller transfers, but the $900 million move on Monday stands out as the most substantial.

FAQs

Why did Germany liquidate $900 million worth of Bitcoin in just 8 hours?

Germany’s rapid liquidation of Bitcoin was driven by a strategic decision to transfer seized assets from the operators of Movie2k.to to exchanges and market makers. This process aims to convert Bitcoin holdings into fiat currency.

What impact did Germany’s Bitcoin liquidation have on the market?

The large-scale transfers caused a notable reaction in the market, with Bitcoin’s price dropping nearly 3% within an hour of the transfers. This movement suggests significant market interest and potential for volatility.

For the latest in crypto updates, keep tabs on Crypto Data Space.

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