German Government moves $56.65m in Bitcoin

German Government moves $56.65m in Bitcoin

Good day everyone,

I hope you are all having a good day, welcome to CryptoGod-1's blog on all things crypto. In this post I will be looking at the recent moves by the German Government as they transferred 1,000 Bitcoin from their reserve wallets.



German Government moves $56.65m in Bitcoin

The government in Germany currently holds 38,826 BTC, worth $2.16 billion, but they have recently moved 1,000 Bitcoin out of their reserve wallet. It is another big Bitcoin move while the market is struggling, and according to data provided by Arkham Intelligence, the German government moved the $56.65 million worth of Bitcoin in three separate transactions.

The government sent 250 Bitcoin to Coinbase, another 250 Bitcoin to Bitstamp, and finally they transferred 500 Bitcoin to an unknown address, “139PoP…H7ybVu.” There are theories this could be an over-the-counter (OTC) service compared to the funds which were sent to the exchanges.

A member of the German Bundestag Joana Cotar has pleaded for the government to stop the Bitcoin sale as she reiterated that Bitcoin could be a “strategic reserve currency” and said that Bitcoin could diversify Germany’s treasury assets.

With the government having transferred the funds, speculation is rife that Tron founder, Justin Sun, could be the one behind the purchase. Back on the 4th of July this year he noted that he was willing to purchase Germany’s Bitcoin holdings via OTC as he noted it would help to “minimise the impact on the market.

Two days later, on the 6th of July, the German government made their moves as they transferred $40.47 million in Bitcoin to the same address mentioned above, “139PoP…H7ybVu.” The assets were moved on into two other Bitcoin wallets, which contain $91.6 million and $23.7 million in Bitcoin, respectively. 

Currently Bitcoin is struggling in the market, with the king of crypto along with altcoins suffering significant losses. Bitcoin is currently trading at around $56,650. The asset’s daily trading volume increased by 29%, reaching $26.6 billion while its market cap is holding at $1.11 trillion. 



Have a great day.

Peace. CryptoGod-1.


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CryptoGod-1 : Crypto & Blockchain
CryptoGod-1 : Crypto & Blockchain

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