Today, the German Government made a significant move in the cryptocurrency market by transferring 3,000 Bitcoins, valued at approximately $174 million. Out of this total, 1,300 Bitcoins, worth around $75.5 million, were sent to major cryptocurrency exchanges Bitstamp, Coinbase, and Kraken. Lookonchain, a platform that tracks cryptocurrency movements, confirmed this information.
The German Government transferred 3,000 $BTC($174M) out again, of which 1,300 $BTC($75.5M) was transferred to #Bitstamp, #Coinbase and #Kraken.German Government currently holds 40,359 $BTC($2.33B).https://t.co/x0aJljKn2C pic.twitter.com/Bk6oDEmGOa
— Lookonchain (@lookonchain) July 4, 2024
Specifically, the German Government transferred 832.7 Bitcoins today, worth roughly $52 million. Of these, 282.7 Bitcoins, valued at about $17.65 million, were directed to the major exchanges. This move is part of the Government’s continuous management of its cryptocurrency holdings.
Previous Transfers and Current Holdings
As earlier reported, two days ago, the German Government transferred 832.7 Bitcoins, valued at approximately $52 million. Of this, 282.7 Bitcoins were sent to major exchanges such as Bitstamp, Coinbase, and Kraken, worth around $17.65 million. Currently, the German Government holds a substantial 43,859 Bitcoins, which amounts to $2.74 billion. This latest transfer indicates a portion of the total Bitcoin holdings, as previously reported, was 40,359 Bitcoins worth $2.33 billion.
Market analysts and investors closely watch such large-scale transfers by governments and other institutions due to their potential impact on the market. These actions can significantly influence trading activities and market trends. The German Government’s activity in the cryptocurrency market underscores the increasing importance of digital currencies in global finance. Governments worldwide are exploring ways to regulate and incorporate cryptocurrencies into their financial systems.