German government starts getting rid of cryptocurrencies – 2024-07-15 18:18:29

by times news cr

2024-07-15 18:18:29

The German government has started selling off cryptocurrencies. In a short time, the authorities got rid of 88.4 percent of bitcoins, Cointelegraph reports, Day.Az reports with reference to Lenta.ru.

Around 3,200 bitcoins were transferred from the government’s Bitcoin wallet in one day – 400 BTC each were transferred via Bitstamp, Kraken and Coinbase. Another two transfers of 1,000 BTC and 500 BTC were sent to two unknown addresses. According to crypto analyst Mikael van de Poppe, the remaining coins, worth around $300 million, will also soon be sold.

The German government’s Bitcoin wallet has dropped below 5,000 BTC after a transfer of around $615 million. The cryptocurrency could be used as a hedge against the risks of the traditional financial system by adopting it as a strategic reserve currency, according to lawmaker Joana Qatar.

The movement of confiscated tokens by German authorities and the sell-off of cryptocurrency by clients of the bankrupt Mt Gox exchange worth about nine billion dollars are increasing supply in the market and putting pressure on prices.

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