The German government has made significant Bitcoin transactions again, moving large amounts of the cryptocurrency after similar actions last week contributed to a dip in Bitcoin's price.
The German government has made significant Bitcoin transactions again, moving large amounts of the cryptocurrency after similar actions last week contributed to a dip in Bitcoin's price. On Monday morning, wallets known to be linked to the German government transferred 1,500 BTC (approximately $94.94 million) across various destinations, including Bitstamp, Coinbase and Kraken, according to Arkham Intelligence.
Germany is one of the largest state holders of Bitcoin, with around $2.8 billion worth of the cryptocurrency seized from various operations, including from a movie piracy website. Last month, the EU nation began liquidating part of its holdings, offloading over $195 million worth of BTC within 24 hours. This sell-off exerted downward pressure on Bitcoin’s price, causing it to drop by about 3.5%.
The U.S. government also executed notable crypto transactions on Monday. Wallets associated with American authorities moved 3,375 ETH, valued at $11.75 million, to an unknown address. This move follows last week's transfer of 3,940 BTC, worth approximately $248 million, to a Coinbase Prime account. These funds were seized from Banmeet Singh, an Indian drug kingpin who sold narcotics via dark web marketplaces. Singh, who pleaded guilty earlier this year, forfeited his crypto holdings as part of his plea deal, marking the largest crypto and cash seizure ever by the U.S. Drug Enforcement Administration (DEA).
Currently, the U.S. government holds more than $13.8 billion worth of cryptocurrency, with over 97% of that in Bitcoin, according to Arkham. As the largest state holder of crypto, the U.S.'s movements in the market are closely watched by traders and analysts.
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