The German government's Bitcoin wallet was reduced to 9,094 Bitcoins, just 18% of its initial amount, following a series of transfers with crypto exchanges on July 11. The wallet holding Bitcoins (BTC) seized from a raid on a movie piracy website in January has been transferring hundreds of millions of dollars of Bitcoin since June 19.

On July 11, the wallet briefly dropped below 5,000 BTC after sending 10,620 BTC (worth $615 million) to Coinbase, Bitstamp, Kraken, Flow Traders, and two anonymous addresses. But soon after, some of these funds were transferred back to the German government's wallet, and Germany's Bitcoin holdings rose to over 9,000 BTC.

The current situation means that the German government holds only 18% of the 49,857 Bitcoins it seized from movie piracy site Movie2k in January, worth $520 million.

This large-scale sale by Germany was criticized by German MP and Bitcoin activist Joana Cotar. Cotar argued that Bitcoin could be considered a "strategic reserve currency" against risks in the traditional system.

This sale includes Mt. This, combined with concerns that Gox has begun offloading over $8 billion worth of Bitcoin to its creditors, has led to a decline in Bitcoin price in recent weeks.

Bitcoin is currently trading at $56,870, down 1.8% in the last 24 hours and 15.1% in the last month. We are waiting your comments.#Bitcoin#Germany #Cryptocurrency