Cryptopolytech (CPT) Public Press Pass (PPP)
News of the Day COVERAGE
200000048 – World Newser
•| #World |•| #Online |•| #Media |•| #Outlet |
View more Headlines & Breaking News here, as covered by cryptopolytech.com
Germany's Bitcoin Sales Will End Soon: Less Than $1 Billion Left appeared on bitcoinmagazine.com by Vivek Sen.
The German government transferred another 2,375 Bitcoin worth around $138 million to exchanges on Thursday, continuing its months-long liquidation of seized reserves.
JUST IN: ?? German Government sent 2,375 more #Bitcoin worth $138 million to exchanges.
They are now left with 13,000 BTC. HODL! ? pic.twitter.com/80dOE7iWyj
— Bitcoin Magazine (@BitcoinMagazine) July 11, 2024
Germany originally obtained nearly 50,000 Bitcoin in 2013 after the Federal Criminal Police Office (BKA) confiscated reserves from the now-defunct piracy website Movie2K. At today’s prices, the stash was worth over $2 billion.
Since mid-June, the government has steadily sold portions of its massive Bitcoin trove. Transfers have gone to major exchanges like Coinbase, Kraken, Bitstamp, and OTC trading desks.
Germany has offloaded over 25,000 Bitcoin worth approximately $1.5 billion over the past month. According to on-chain data, after the latest sales, it now holds just 13,100 Bitcoin valued at $765 million.
The prolonged liquidation weighed Bitcoin’s price, which sank below $55,000 in July amid heavy selling pressure. But with the government’s reserves dwindling, analysts say the end of sales could provide relief.
The final $765 million represents a relatively small portion of daily Bitcoin trading volumes and Germany’s original Bitcoin stash. As Germany exhausts its remaining coins, downward pressure could dissipate, removing a persistent bearish influence.
Some experts estimate the government could deplete its entire stash of seized bitcoin as soon as September if sales continue at the current pace. When sales stop, it may clear the way for bullish price action.
The liquidations have drawn criticism from Bitcoin advocates within Germany’s parliament. Members argue the government should keep the scarce digital asset rather than selling for euros.
Regardless, bitcoin sales have allowed Germany to cash out over $1.5 billion so far. The finite supply means the controversial liquidation spree will have to wrap up soon, perhaps restoring a tailwind for Bitcoin prices.
FEATURED ‘News of the Day’, as reported by public domain newswires.
View ALL Headlines & Breaking News here.
Source Information (if available)
This article originally appeared on bitcoinmagazine.com by Vivek Sen – sharing via newswires in the public domain, repeatedly. News articles have become eerily similar to manufacturer descriptions.
We will happily entertain any content removal requests, simply reach out to us. In the interim, please perform due diligence and place any content you deem “privileged” behind a subscription and/or paywall.
CPT (CryptoPolyTech) PPP (Public Press Pass) Coverage features stories and headlines you may not otherwise see due to the manipulation of mass media.
First to share? If share image does not populate, please close the share box & re-open or reload page to load the image, Thanks!