German Government Transfers $328.9 Million Worth of Bitcoin to Exchanges on Thursday

German Government Authority Transfers Over $328 Million Worth of Bitcoin to Exchanges

In a strategic move, a wallet controlled by a German government authority has transferred a significant amount of bitcoin to various centralized exchanges, including Bitstamp, Kraken, and Coinbase. The transfers, totaling 5,627 bitcoins worth $328.9 million, were made with the apparent intent to sell on Thursday.

The transactions began at 7:51 a.m. UTC, with 375 bitcoins sent to each of the three exchanges mentioned, as well as 1,000 bitcoins to a wallet belonging to B2C2 Group. Additional transfers were made throughout the day, with a total of 9,925 bitcoins still held by the German government.

These moves are part of the government’s plan to offload 50,000 confiscated bitcoins seized from the now-defunct film piracy website Movie2K in January. However, the strategy has faced criticism from bitcoin advocate Joana Cotar, who deemed it “counterproductive.”

Despite the large transfers, the price of bitcoin has seen a 2% increase on the day, currently sitting at $58,866. This comes after a 10% decrease since the German authorities began moving funds to exchanges on June 18.

It remains to be seen how these transactions will impact the cryptocurrency market in the coming days. Stay tuned for more updates on this developing story.