Fun

German gov’t transfers another $52M in Bitcoin, threatening more BTC selling pressure

News Feed - 2024-07-02 09:07:33

Zoltan Vardai11 hours agoGerman gov’t transfers another $52M in Bitcoin, threatening more BTC selling pressureRepeated Bitcoin transfers to centralized exchanges suggest the government plans to sell its $2.75 billion in BTC holdings.3170 Total views17 Total sharesListen to article 0:00NewsOwn this piece of crypto historyCollect this article as NFTJoin us on social networksA “German Government (BKA)” labeled cryptocurrency wallet has sold another $52 million worth of Bitcoin, sparking suspicions that the government is selling its vast BTC holdings.


The wallet associated with the German government transferred 832.7 Bitcoin (BTC) in four individual transactions on July 2.


The wallet sent 100 BTC to Coinbase, 150 BTC to Bitstamp and 32.74 BTC to Kraken, according to Arkham Intelligence data.BKA BTC transfers. Source: Arkham Intelligence


The lion’s share, or 550 BTC worth over $32 million, was sent to the wallet “139Po,” which remains unknown but has previously received funds from the German government, including 500 BTC on June 25 and 800 BTC on June 20.


Tracking the selling patterns of large Bitcoin holding entities can give investors valuable cues about the Bitcoin price since large sell orders can create more downward price pressure.


Related:Cryptos, secondary BNB sales not securities: Federal court rules in Binance vs SEC caseGerman government could introduce more Bitcoin selling pressure


The BKA-labelled wallet, which holds over 43,850 BTC worth over $2.75 billion, could threaten Bitcoin’s price due to more potential selling pressure.


The Bitcoin price has been in a downtrend since the beginning of June, falling over 7.3% during the past month. BTC found a local bottom above the $58,450 mark on June 24 before bouncing back above the current $62,000 mark, according to Bitstamp data.BTC/USD 1-month chart. Source: TradingView


Bitcoin has amassed significant support at the $61,500 mark. However, a move below it would liquidate over $1 billion worth of cumulative leveraged long positions across all exchanges, according to Coinglass data.Bitcoin exchange liquidation map. Source: CoinglassIs the German government actively selling BTC?


Besides the largest transfer worth $32 million, the rest of the Bitcoin was transferred to centralized exchanges, which signals that Germany’s government is potentially looking to sell its Bitcoin.


Cointelegraph has approached Germany’s Federal Criminal Police Office (BKA) for comment.


Related:Ether restaking’s biggest risk is lack of understanding around asset looping — Haven1


The German government-labeled wallet first sparked suspicions of potential Bitcoin selling on June 19, when it executed a 6,500 BTC transfer worth over $425 million.


Before the transfer, the wallet held nearly 50,000 BTC since February 2024. The funds are believed to have been seized from the pirate movie website operator Movie2k.


Magazine:VanEck files for Solana ETF, Ether supply inflates, and more: Hodler’s Digest, June 23-29# Bitcoin# Government# Europe# Bitcoin Price# Germany# European UnionAdd reaction

News Feed

Bitcoin Difficulty Increases 6% — It’s Still 48% Easier to Find BTC Blocks Than It Was 30 Days Ago
Bitcoin Difficulty Increases 6% — It"s Still 48% Easier to Find BTC Blocks Than It Was 30 Days Ago As expected, Bitcoin’s mining difficulty increased thi
Nigerian CBDC Website Goes Live, Central Bank Faces Trademark Infringement Allegations
Nigerian CBDC Website Goes Live, Central Bank Faces Trademark Infringement Allegations According to reports from Nigeria, the official website for the Central Bank of Nigeria (CBN)
Community split on ENS petition against Unstoppable Domains patent
Ezra Reguerra14 hours agoCommunity split on ENS petition against Unstoppable Domains patentSome crypto community members argued against the petition, while others supported ENS’ move against Unstoppable Domains.2551 To
South Korea Seizes $184 Million in Crypto Assets From Alleged Tax Dodgers, Reports Reveal
South Korea Seizes $184 Million in Crypto Assets From Alleged Tax Dodgers, Reports Reveal The government in South Korea has seized cryptocurrency worth around $184 million in two y
Dogecoin At Make-Or-Break Point After Multi-Year Trendline Test
Reason to trust Strict editorial policy that focuses on accuracy, relevance, and impartiality Created by industry experts and meticulously reviewed The highest standards in reporting and pu
Alice Ivey12 hours ago7 YouTube channels to learn machine learningYouTube channels, including Sentdex and Data School, offer in-depth data science and machine learning explorations to enhance data-driven decision-making.
Sam Bankman-Fried, FTX, Alameda Were Accused of Conspiracy, Racketeering, and Market Manipulation 3 Years Before FTX Collapsed
Sam Bankman-Fried, FTX, Alameda Were Accused of Conspiracy, Racketeering, and Market Manipulation 3 Years Before FTX Collapsed Amid the latest bankruptcy case filed by FTX Trading
Brian Quarmby2 hours agoZachXBT’s research cited in Canadian NFT rug pull class-action lawsuitAccording to court documents, the Boneheads team has been accused of breach of contract, misappropriating funds and misleadi
Best Crypto to Buy After Top Analyst Says US Bitcoin Reserve Could Increase Crypto Adoption
Reason to trust Strict editorial policy that focuses on accuracy, relevance, and impartiality Created by industry experts and meticulously reviewed The highest standards in reporting and pu
Twitter’s Shareholders Overwhelmingly Vote for Elon Musk to Take Over the Social Media Platform
Twitter"s Shareholders Overwhelmingly Vote for Elon Musk to Take Over the Social Media Platform Twitter’s shareholders have overwhelmingly voted for Tesla CEO Elon Musk to t
Adrian J. Permal4 hours agoWas Sam Bankman-Fried behind a scam project?This week’s episode of The Market Report explores allegations that SBF was behind the recent BALD token rug pull and dissects why Bitcoin is fallin
Rare Batman NFT Digital Art Collection Sells for Record 540 Ether
Rare Batman NFT Digital Art Collection Sells for Record 540 Ether A five-piece collection of Batman digital art has sold for a combined 540.86 ether, or about $2