On July 9, a Bitcoin wallet associated with the German Federal Criminal Police Office (BKA) sent 6,306.9 BTC ($362.12 million) to trading platforms.
The recipients of the cryptocurrency were Kraken, market maker Cumberland, presumably the OTC service B2C2 Group and an address unidentified by experts.
At the same time, over the last 24 hours, the authorities returned 5366 $BTC
BTC from exchanges including Kraken, Bitstamp and Coinbase.
The BKA wallet holds 22,847 BTC worth ~$1.32 billion.
The address initially contained 50,000 BTC, confiscated by law enforcement in January from the administrators of the pirate movie site Movie2k. On July 19, authorities began moving assets to exchanges in small amounts. However, in recent days, the intensity of transfers has increased - their volume exceeded 16,000 BTC, noted economist and trader Alex Kruger.
According to his estimates, the sale of this amount of cryptocurrency led to a “minor” drawdown in the price—by about $2,000 or 3.5%. The expert believes that the market will be able to absorb both the remaining bitcoins of the German government and the flow of coins from the distribution of Mt.Gox without any special consequences. According to Kruger's calculations, these sales will be able to push down quotes by a maximum of 10.5%.
“They will eventually run out,” the trader concluded.
On July 5, Bitcoin fell through the $54,000 level. However, the next day, the asset recovered above $56,000. At the time of writing, the cryptocurrency is trading at around $57,200, having fallen in price by 8% over the week.
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Let us remind you that 10x Research experts suggested a continuation of Bitcoin’s correction to $50,000. Technical analyst and head of Factor LLC Peter Brandt allowed the rate to drop to $44,000.
