Germany completes sale of 50,179 seized Bitcoins worth $3.3 billion, in just 24 days.
Bitcoin briefly dips below $55k amid government sell-off and Mt. Gox payouts.
Crypto market shows resilience, Bitcoin partially recovers to $57,856.
The German government’s aggressive liquidation of over 50,000 Bitcoin, seized from a piracy website and valued at billions of dollars, has roiled cryptocurrency markets and contributed to recent price declines.
The latest data reveals the government’s Bitcoin wallet is now empty, raising questions about the impact of such large-scale sell-offs on the volatile crypto landscape.
In just 24 days, the #German government has sold all 50,179 $BTC($3.3B)!The #German government transferred 9,594 $BTC($553.7M) and received 500 $BTC($28.6M) in the past 24 hours, and currently does not hold any $BTC!https://t.co/oGuI6g9MxF pic.twitter.com/YNZUOOrd4H
— Lookonchain (@lookonchain) July 13, 2024
According to on-chain analytics platform Lookonchain, the German government has sold a total of 50,179 BTC, valued at roughly $3.3 billion, in just 24 days. In the past 24 hours alone, it moved 9,594 BTC, worth a total of $553.7 million. While they also received 500 BTC ($28.6 million) during this period, the government currently holds no Bitcoin.
The government’s massive Bitcoin selloff began on June 19, 2024, with the movement of over $600 million worth of BTC. Initial reports indicated that the German Federal Crime Police Office (BKA) had seized these Bitcoins, approximately 50,000 BTC valued at $2.2 billion at the time, from the pirated movie website Movie2k.to.
Crypto reporter Colin Wu commented on the situation when the government emptied its wallet, revealing a total recovery of about $2.915 billion. Wu’s post on Wu Blockchain detailed the government’s latest transfer, which involved two separate moves: one of 752.166 BTC to Flow Traders at 2:12 UTC+8, and another of 3,094 BTC to the alleged B2C2 Group.
It is now estimated that the government has transferred all of its Bitcoin holdings to centralized exchanges (CEXs) or market makers.
German Goverment transferred 752.166 BTC to Flow Traders at 2:12 UTC+8 today and 3,094 BTC to the suspected B2C2 Group. Currently, German Goverment has no BTC positions, and all BTC have been transferred to CEX or market makers. https://t.co/afdCFZk6Pg
— Wu Blockchain (@WuBlockchain) July 13, 2024
The German government’s Bitcoin selloff, coupled with the ongoing release of Bitcoin from the defunct Mt. Gox exchange, has contributed to a recent downturn in the crypto market, with Bitcoin briefly falling below the $55,000 mark.
This bearish sentiment rippled across the broader crypto landscape, pulling down prices of major tokens. However, the market has shown signs of resilience, with Bitcoin currently trading at $57,856, up 1.55%. Whether this recovery signals a sustained rebound or just a temporary reprieve remains to be seen.
The post German Government Completes Bitcoin Liquidation, Wallet Balance Hits Zero appeared first on Coin Edition.
