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The German government's bitcoin wallet now contains just 5,900 btc worth about $338 million after weeks of selling an original stash of 50,000 confiscated btc.
This wallet has been dumping bitcoin confiscated from a movie piracy website since last month, leaving Germany with just 11.8% of its original btc stash to sell.
On July 12, the wallet sent 2,700 btc, worth $154 million, to Coinbase, Bitstamp, Kraken, an over-the-counter (OTC) platform, and an unknown wallet address. x.com/ArkhamIntel/status/1811682510390132912″ target=”_blank” rel=”noopener”>according to Arkham.
<img decoding="async" alt="The German government's bitcoin wallet currently” width=”925″ height=”561″ srcset=”https://technicalterrence.com/wp-content/uploads/2024/07/Germany-has-only-12-of-its-confiscated-Bitcoin-holdings-to.png 925w, https://insidebitcoins.com/wp-content/uploads/2024/07/111-300×182.png 300w, https://insidebitcoins.com/wp-content/uploads/2024/07/111-768×466.png 768w” data-lazy-sizes=”(max-width: 925px) 100vw, 925px” src=”https://technicalterrence.com/wp-content/uploads/2024/07/Germany-has-only-12-of-its-confiscated-Bitcoin-holdings-to.png”/>
<img decoding="async" src="https://technicalterrence.com/wp-content/uploads/2024/07/Germany-has-only-12-of-its-confiscated-Bitcoin-holdings-to.png" alt="The German government's bitcoin wallet currently” width=”925″ height=”561″ srcset=”https://technicalterrence.com/wp-content/uploads/2024/07/Germany-has-only-12-of-its-confiscated-Bitcoin-holdings-to.png 925w, https://insidebitcoins.com/wp-content/uploads/2024/07/111-300×182.png 300w, https://insidebitcoins.com/wp-content/uploads/2024/07/111-768×466.png 768w” sizes=”(max-width: 925px) 100vw, 925px”/>
On July 11, the wallet's holdings briefly fell below 5,000 btc after transferring over 10,000 coins to cryptocurrency exchanges and other wallet addresses. However, some unsold coins were later transferred back to the wallet.
bitcoin sell-off sparks criticism
The sell-off has drawn criticism from German lawmaker Joana Cortar. In a post on x, Cortar x.com/JoanaCotar/status/1808888782738911614″ target=”_blank” rel=”noopener”>saying The sales activity “was not sensible but counterproductive.”
He argued that the German government should maintain bitcoin as a strategic reserve currency and invited other lawmakers to learn more about the digital asset.
Concerns about sales by the German government and refunds made to investors by defunct cryptocurrency exchange Mt. Gox that could then be sold have helped sink bitcoin’s fear and greed index to 25, the lowest level since January last year and a reading that shows “extreme fear” among investors.
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