Germany’s Bitcoin Reserves Drop 90%: How Much Is Left Now?
Bitcoin [BTC], the world’s largest cryptocurrency, has been in a slump recently. The asset fell below $54,000. The price of the king coin is 22% below its peak of $73,750.07. The latest plunge in the asset is related to the Mt.Gox repayment and the German government’s decision to sell BTC. So how much Bitcoin has Germany sold so far and how much does it currently hold?
Germany has sold a large amount of Bitcoin in the past few days. Recently, the government’s total holdings fell below 5,000 Bitcoin. According to blockchain intelligence company Arkham, the wallet even briefly fell below 5,000 Bitcoin on July 11 after transferring 10,620 Bitcoins (worth $615 million) to cryptocurrency platforms Coinbase, Bitstamp, Kraken, Flow Traders, and two anonymous addresses. This brought the total holdings down to 4,925 Bitcoins. The government's current Bitcoin reserves are worth about $283 million.
The government's recent Bitcoin holdings are down 90% from the initial days. The German government's Bitcoin holdings were originally seized in a crackdown on pirated movie websites in January, when they amounted to 49,857 Bitcoins. The German government has yet to explain why they sold Bitcoin so quickly.
