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The German government has made yet another big Bitcoin (<a href="https://crypto.news/price/bitcoin/" rel="noopener noreferrer nofollow">BTC</a>) movement while the market wanders in the bearish zone.
According to <a href="https://platform.arkhamintelligence.com/explorer/entity/germany" target="_blank" rel="noopener noreferrer nofollow">data</a> provided by Arkham Intelligence, the German government moved 1,000 BTC — worth $56.65 million at the time of writing — at 06:48 UTC today. The entity sent 250 coins to Coinbase and Bitstamp crypto exchanges each.
The remaining 500 BTC were transferred to an unknown address, “139PoP…H7ybVu,” which might be an over-the-counter (OTC) service.
Moreover, the German government still holds 38,826 BTC, worth $2.16 billion.&nbsp;&nbsp;
You might also like: <a href="https://crypto.news/metaplanet-puts-another-2-4m-in-btc-amid-crypto-market-slump/" rel="noopener noreferrer nofollow"> Metaplanet puts another $2.4m in BTC amid crypto market slump </a>
On July 6, the government <a href="https://crypto.news/germany-transfers-40-million-bitcoin-ongoing-sell-off/" rel="noopener noreferrer nofollow">transferred</a> $40.47 million in Bitcoin to the same address mentioned above. The assets were then moved to two other Bitcoin wallets, each containing $91.6 million and $23.7 million in BTC, respectively.&nbsp;
The selloffs come as Bitcoin and altcoins suffer significant losses. BTC is down by 2.2% in the past 24 hours and is trading at $56,650 at the time of writing. The asset’s daily trading volume increased by 29%, reaching $26.6 billion. Bitcoin’s market cap is holding at $1.11 trillion.&nbsp;
Member of the German Bundestag Joana Cotar <a href="https://crypto.news/german-mp-urges-government-to-halt-btc-sales-in-lieu-of-need-for-strategic-reserve/" rel="noopener noreferrer nofollow">urged</a> the government to stop the Bitcoin sale. She called BTC a “strategic reserve currency” and said that Bitcoin could diversify Germany’s treasury assets.
Tron founder Justin Sun said on July 4 that he’s <a href="https://crypto.news/justin-sun-teases-willingness-to-negotiate-with-germany/" rel="noopener noreferrer nofollow">willing to purchase</a> Germany’s Bitcoin holdings via OTC. He added that it could “minimize the impact on the market.”
Read more: <a href="https://crypto.news/scammers-drain-1-7m-claiming-to-be-coinbase-employees/" rel="noopener noreferrer nofollow"> Scammers drain $1.7m claiming to be Coinbase employees </a>

German government moves $56.65m in BTC amid market-wide FUD

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