On July 4, blockchain security platform PeckShield reported that wallets affiliated with the German government were moving BTC. 1,300 coins worth approximately $75 million were transferred to centralized exchanges such as Coinbase, Kraken and Bitstamp. 😲 This is not the first transfer this week; On July 2, the wallet associated with the German government transferred 832.7 BTC in four transactions. 🔄
Selling pressure from the German Government? These findings were supported by crypto intelligence platform Arkham, which reported that a similar amount was sent to three exchanges. The German government has so far sent over $300 million worth of BTC to crypto exchange addresses and the address '139Po'. 📉
Germany is not the only country moving and potentially liquidating Bitcoin. In late June, the US government transferred $240 million worth of Bitcoin tied to Silk Road to a Coinbase Prime address.
The value of BTC fell by 5.5%. This decline was caused by actions by the German government, including Mt. Gox reparations, miner sales and political uncertainty in the US.
Do you think this could further reduce the value of BTC? We are waiting your comments! 💬