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The German government has sent 6,000 <a href="https://www.thecoinrepublic.com/2024/06/13/analysts-are-optimistic-for-bitcoin-btc-can-it-rally-to-120k/" rel="noopener noreferrer nofollow">Bitcoin (BTC)</a>, equivalent to $354 million, to another account to prepare for another round of selling. To date, they have dispatched 5,853.409 Bitcoin to addresses associated with Exchanges like Coinbase, Kraken, and other related addresses.
It comes after the exchange made another large transfer of 3,100 BTC, valued at $178 million, on July 9th.
<h2 class="wp-block-heading" id="h-germany-processes-1-billion-in-bitcoin-sales">Germany Processes $1 Billion in Bitcoin Sales</h2>
The <a href="https://www.thecoinrepublic.com/2024/07/09/bitcoin-price-dips-as-germany-moves-16000-btc-to-exchanges/" rel="noopener noreferrer nofollow">German government </a>confiscated this Bitcoin money, particularly by the Public Prosecutor General’s Office. The money came from the Movie2k piracy website, with the participation of a defendant who transferred money voluntarily.&nbsp;
Lennart Ante, the Chief Executive Officer of Blockchain Research Lab, said this, noting that the money is part of Saxony state’s budget.
To explain the confiscation, Ante said, “The BKA (German State Police) simply facilitate the wallets for the transactions to be made. ” The ongoing liquidation envisages selling 6,000 BTC and disposing of about $342 million.&nbsp;
Earlier, the BTC amount donated was 1,700, and its value was $91.78 million, was withdrawn from Bitstamp, which suggests that selling became an issue.
<div class="wp-block-image">
 <figure class="aligncenter"><img decoding="async" src="https://lh7-us.googleusercontent.com/docsz/AD_4nXeChV6oLouN6ch9bxrFR9WB1mlrkguUMqmBTXviNeoAZ3ymub6jb4gAcRVseMVYqIzpc7zcZBC6lCir2Ce0h-s4S4UYzzZhCOkkcaHuw2mW-SilruDicTwWMKSXjGs6cx6Mx1JPd8nkYSBMgdi8Ym7UJC01?key=2iH1bbCoLH_us3ez3AtZQA" alt="">
 <figcaption class="wp-element-caption">Source:<a href="https://platform.arkhamintelligence.com/explorer/entity/germany" rel="noopener noreferrer nofollow"> Arkham Intelligence</a>
 </figcaption>
 </figure>
</div>
Thus, by July 10, the wallet contained about 18,110 BTC, equivalent to about $1. 06 billion. It is a faded comparison to the previous 26,000 BTC worth of $1. Forex reserves were $5 billion on July 9. A linked address for offloading currently contains 4,800 BTC.
<h2 class="wp-block-heading" id="h-bitcoin-maintains-value-despite-government-sales">Bitcoin Maintains Value Despite Government Sales</h2>
The selling has continued, yet Bitcoin has continued to appreciate, touching $58,000 from $53,900. It raises some questions about the Saxon government’s sales strategy.&nbsp;
Dr. Ante recommended the following: “Maybe auctions or OTC would be more efficient,” but the situation remains unclear.
Section 111p of the Code of Criminal Procedure (StPO) describes the emergency sale of confiscated objects during criminal investigations in Germany. Things seized under §111c or captured under §111f may be sold in case of considerable depreciation.&nbsp;
The German government is now selling off its Bitcoin simultaneously, and Mt Gox is beginning to make repayments in both Bitcoin and Bitcoin Cash.
If Bitcoin is to be accepted as a financial asset in the world market, the market must bear such occurrences. The current BTC sell-off and over $1 billion in BTC sold into the market have not led to a price crash. The remaining seized Bitcoin is 13,110 BTC, equivalent to $770 million.
<h2 class="wp-block-heading" id="h-german-btc-sell-off-may-boost-market">German BTC Sell-Off May Boost Market</h2>
The distribution strategy could result in more people owning Bitcoin. Thus, the given statement reflects Ante’s idea, “Such sales most probably lead to an even broader distribution of Bitcoin ownership,” which can be positive for cryptocurrency in the medium term.&nbsp;
This event might be just a drop in the ocean, considering other major market events like the Mt. Gox payouts.
Employees of the federal state of Saxony confiscated the BTC funds linked to the Movie2k portal. The revenues raised from the funds will be directed to the state budget of Saxony; the courts will determine filmmakers’ rights. The current sales are carried out by the Public Prosecutor General’s Office.
The market narrative may change, and this sell-off that we are seeing today might be forgotten in a few months. New events like the Mt. Gox payouts could be at the top of the conversation.&nbsp;
The German government’s sales strategy will also be in focus, and measures that could enhance its efficiency could be discussed.
The German government’s BTC holdings have reduced dramatically since July 9. That’s because more efforts have been made to dispose of the seized Bitcoin. The management and strategies used in selling these items are still controversial.
The post <a href="https://www.thecoinrepublic.com/2024/07/11/germany-transfers-350m-bitcoin-moves-5853-btc-to-exchanges/" rel="noopener noreferrer nofollow">Germany Transfers $350M Bitcoin, Moves 5,853 BTC to Exchanges</a> appeared first on <a href="https://www.thecoinrepublic.com" rel="noopener noreferrer nofollow">The Coin Republic</a>.

Germany Transfers $350M Bitcoin, Moves 5,853 BTC to Exchanges

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