🚨 BRAKING NEWS of THE DAY

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The German government has made headlines in the cryptocurrency market once again with a significant transaction involving 700 Bitcoins, as reported by blockchain analytics platform Lookonchain. This move follows calls from Joana Cotar, an independent member of the German parliament, urging the government to halt the liquidation of its remaining Bitcoin holdings. Cotar, known for her support of cryptocurrencies, argued that Bitcoin could serve as a hedge against inflation and promote economic sovereignty and innovation.

Despite Cotar's advocacy, the German government appears committed to its selling activities. Lookonchain estimates that Germany has already transferred approximately $819 million worth of Bitcoin, while still holding around $2.3 billion worth of the cryptocurrency. This ongoing selling spree could exert further pressure on the cryptocurrency market, which has been experiencing volatility.

Germany's Bitcoin holdings trace back to the seizure of assets from Movie2k.to, a website notorious for aggregating pirated media content without hosting it directly. At its peak, Movie2k.to rivaled social media giants in popularity within Germany but was shut down in 2013 following legal actions by major movie studios. As a result, German authorities confiscated 50,000 Bitcoins from one of the site's operators.

This latest development underscores the intersection of law enforcement, digital assets, and financial markets, highlighting ongoing debates over the use and regulation of cryptocurrencies in various jurisdictions.

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