As you may already know, the German government has been busy selling Bitcoin (BTC) lately. And it looks like they won’t be stopping anytime soon. On Monday morning, the government moved another 500 Bitcoin, worth $28 million, to crypto exchanges Coinbase and Bitstamp.
German government continues to sell Bitcoin
The total amount was split between two separate transactions: 250 BTC to Coinbase and 250 BTC to Bitstamp. Additionally, 500 BTC was sent to an unknown address, possibly with the intention of selling it later or selling it over the counter to an unknown entity.
These Bitcoins come from a seizure earlier this year. Currently, the German government still holds approximately 38,826 BTC worth over $2 billion, according to data from Arkham Intelligence.
The decision to sell some of these Bitcoins has generated a lot of reactions and criticism. The German government’s actions have had a significant impact on the Bitcoin price, which recently dropped below $55,000. Concerns about the ongoing selling do not seem to be over yet.
Concerns have also been raised in German politics about the massive sale of Bitcoin. Joana Cotar, an independent politician, complained about the lack of a clear strategy for the management and sale of this Bitcoin. She wonders whether the government is aware of the consequences of these sales.
The pressure on the price continues
Germany seems to be sitting on a real treasure chest with almost 40,000 BTC. However, with the current sales they are shooting themselves in the foot, which shows little confidence in the future of Bitcoin.
The pressure on the price seems to continue for the time being, as the German government has no plans to stop selling Bitcoin. In addition, the repayments from the Mt. Gox exchange are also contributing to the downward pressure on the price.
Mt. Gox, an exchange that went bankrupt in 2014, finally started refunding Bitcoin to affected individuals this month. These refunds are creating additional selling pressure. Read more about Mt. Gox and the refunds in this article.
Trade €10,000 for free and get €10 bonus
Want to enter the crypto world and perhaps buy Bitcoin or another crypto? Then seize your chance now with this exclusive offer! Thanks to a special deal between Newsbit and Bitvavo, one of the most accessible and user-friendly crypto exchanges in Europe, our readers get an exclusive offer.
Create an account at Bitvavo using the button below and receive a welcome gift of 10 euros completely free. And that’s not all – you also pay no trading fees on your first 10,000 euros in transactions. Sign up now!
Source: https://newsbit.nl/duitse-regering-stuur-nog-eens-500-bitcoin-naar-exchanges/
