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For weeks now, the German government has been selling hundreds of millions of dollars worth of Bitcoin - a major factor behind the cryptocurrency's sell-off and sharp decline in value.

Last month, the German government began selling bitcoin from a wallet managed by the country's Federal Criminal Police Office, which is referred to locally as the Bundeskriminalamt or BKA.

BKA sold 900 bitcoins in June — worth an approximate $52 million — from a huge haul seized from a movie piracy website that no longer exists today, according to on-chain data tracked by blockchain analysis firm Arkham Intelligence.

Last week, the government sold about 3,000 additional bitcoins worth an approximate value of $172 million. Then yesterday, Monday, German police sold another 2,739 Bitcoins, worth $155 million in cryptocurrency.