{"id":15147,"date":"2024-07-11T17:25:44","date_gmt":"2024-07-11T14:25:44","guid":{"rendered":"https:\/\/forklog.com\/en\/german-authorities-liquidate-5627-btc\/"},"modified":"2024-07-11T17:25:44","modified_gmt":"2024-07-11T14:25:44","slug":"german-authorities-liquidate-5627-btc","status":"publish","type":"post","link":"https:\/\/forklog.com\/en\/german-authorities-liquidate-5627-btc\/","title":{"rendered":"German Authorities Liquidate 5627 BTC"},"content":{"rendered":"<p>On July 11, a wallet associated with the German Federal Criminal Police Office (BKA) transferred 5627 BTC, valued at $328.89 million, to trading platforms.<\/p>\n<blockquote class=\"twitter-tweet\" data-lang=\"en\">\n<p lang=\"en\" dir=\"ltr\">JUST IN: The German Government just sent another 3250 BTC ($191.02M) to Cumberland, Coinbase, Bitstamp, Kraken, 139Po (likely institutional deposit\/OTC service), and address bc1qu.<\/p>\n<p>So far today, they have transferred a total of 5627 BTC ($328.89M) to market makers and exchanges.\u2026 <a href=\"https:\/\/t.co\/DjCzVtqaCU\">pic.twitter.com\/DjCzVtqaCU<\/a><\/p>\n<p>\u2014 Arkham (@ArkhamIntel) <a href=\"https:\/\/twitter.com\/ArkhamIntel\/status\/1811376763554902085?ref_src=twsrc%5Etfw\">July 11, 2024<\/a><\/p><\/blockquote>\n<p> <script async src=\"https:\/\/platform.twitter.com\/widgets.js\" charset=\"utf-8\"><\/script><\/p>\n<p>The transactions were received by centralized exchanges Coinbase, Bitstamp, Kraken, market maker Cumberland, service B2C2, and an unidentified address.<\/p>\n<p>The wallet initially held nearly 50,000 BTC, <a href=\"https:\/\/forklog.com\/en\/news\/german-authorities-seize-nearly-50000-btc-from-pirates\">seized<\/a> by law enforcement in January from administrators of the pirate movie site Movie2k. According to Lennart Ante, co-founder and CEO of Blockchain Research Lab, the cryptocurrency was confiscated by the police department of the federal state of Saxony.<\/p>\n<p>Regional legislation mandates the liquidation of seized assets within a certain period. This, the expert explained, accounts for the authorities&#8217; bitcoin sales, which began with small amounts on June 19.<\/p>\n<p>At the time of writing, the BKA address holds 9925 BTC ($582.43 million) \u2014 19.9% of the original amount.<\/p>\n<p>Some experts have linked the decline in the leading cryptocurrency&#8217;s price to the liquidations by German law enforcement, which intensified in early July.<\/p>\n<blockquote class=\"twitter-tweet\" data-lang=\"en\">\n<p lang=\"en\" dir=\"ltr\">Germany sold 21,180 BTC in a few days<\/p>\n<p>I spent 100 hours analyzing their transactions<\/p>\n<p>What I saw shocked me\u2026<\/p>\n<p>Here\u2019s how government plans to trick you ?? <a href=\"https:\/\/t.co\/Cl2BTmcuCM\">pic.twitter.com\/Cl2BTmcuCM<\/a><\/p>\n<p>\u2014 bee? (@0xbeehive) <a href=\"https:\/\/twitter.com\/0xbeehive\/status\/1811153034656784683?ref_src=twsrc%5Etfw\">July 10, 2024<\/a><\/p><\/blockquote>\n<p> <script async src=\"https:\/\/platform.twitter.com\/widgets.js\" charset=\"utf-8\"><\/script><\/p>\n<p>However, DeFi analyst known as bee believes the market reacted too emotionally to the sales.<\/p>\n<p>Economist and trader Alex Kr\u00fcger also holds the view that buyers are capable of absorbing both this flow of coins and the cryptocurrency distributed among Mt.Gox creditors.<\/p>\n<p>Arkham specialists recently noted that &#8220;the German government is selling, but BlackRock is buying.&#8221; The largest asset manager acquired 324 BTC for its spot bitcoin ETF.<\/p>\n<blockquote class=\"twitter-tweet\" data-lang=\"en\">\n<p lang=\"en\" dir=\"ltr\">The German Government is selling.<\/p>\n<p>But Blackrock is buying. <a href=\"https:\/\/t.co\/7ViHl3GK82\">pic.twitter.com\/7ViHl3GK82<\/a><\/p>\n<p>\u2014 Arkham (@ArkhamIntel) <a href=\"https:\/\/twitter.com\/ArkhamIntel\/status\/1811064906193486264?ref_src=twsrc%5Etfw\">July 10, 2024<\/a><\/p><\/blockquote>\n<p> <script async src=\"https:\/\/platform.twitter.com\/widgets.js\" charset=\"utf-8\"><\/script><\/p>\n<p>After the plunge on July 5 below the $54,000 level, the price of digital gold recovered to <a href=\"https:\/\/www.coingecko.com\/\">around $58,700<\/a> at the time of writing. Amid the release of U.S. consumer inflation data, which showed a slowdown in prices, the cryptocurrency briefly rose above $59,000. However, sellers quickly reversed the gains.<\/p>\n<p>Earlier, Bundestag member Joana Cotar criticized the authorities&#8217; sales of confiscated bitcoins, calling these actions counterproductive.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>On July 11, a wallet associated with the German Federal Criminal Police Office (BKA) transferred 5627 BTC, valued at $328.89 million, to trading platforms. JUST IN: The German Government just sent another 3250 BTC ($191.02M) to Cumberland, Coinbase, Bitstamp, Kraken, 139Po (likely institutional deposit\/OTC service), and address bc1qu. So far today, they have transferred a [&hellip;]<\/p>\n","protected":false},"author":1,"featured_media":15146,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"select":"","news_style_id":"","cryptorium_level":"","_short_excerpt_text":"","creation_source":"","_metatest_mainpost_news_update":false,"footnotes":""},"categories":[3],"tags":[18,109],"class_list":["post-15147","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-news-and-analysis","tag-bitcoin","tag-germany"],"aioseo_notices":[],"amp_enabled":true,"views":"37","promo_type":"","layout_type":"","short_excerpt":"","is_update":"","_links":{"self":[{"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/posts\/15147","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/comments?post=15147"}],"version-history":[{"count":0,"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/posts\/15147\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/media\/15146"}],"wp:attachment":[{"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/media?parent=15147"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/categories?post=15147"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/tags?post=15147"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}