Germany has put an end to the sale of Bitcoin. In less than a month, it has disposed of all the bitcoins it had seized in January.
According to data from cryptocurrency analytics platform Arkham Intelligence, on Friday, July 12, German authorities transferred the last bitcoins from its main account, leaving her with a zero balance.
With this, Germany has completed the sale of its BTC reserves and put an end to the operation that had kept the cryptocurrency market in suspense.
Over the past 3 weeks, the German government had been selling the bitcoins it had seized in January en masse through major cryptocurrency exchanges, contributing, along with the release of a portion of the bitcoins from Mt. Gox, to the correction of the price of the cryptocurrency on the market.
At the time of writing this article, Bitcoin is trading at around $57.800 billion per unit.
Germany: 3 weeks selling bitcoins
This sell-off, which began about three weeks ago, involved More than $2.000 billion in Bitcoin.
According to the platform's data, the transactions were mainly carried out through well-known crypto exchange platforms. Due to this and the magnitude of BTC sales, the volatility of the cryptocurrency's price was accentuated, resulting in a 20% correction in the last month.
The origin of the German government's Bitcoin reserves dates back to January of this year, when government authorities They seized nearly 50.000 BTCThe seizure of bitcoins was the result of an investigation into unauthorized use of copyrighted works and commercial money laundering. The suspect involved in this investigation voluntarily transferred the bitcoins to the German government earlier this year.
The impact of the BTC sell-off
The German government's decision to liquidate all bitcoins seized in the investigation has had a significant impact on the price of BTC and the cryptocurrency market.
The last recorded transaction, according to Arkham Intelligence, involved the sending 3.846 BTC, worth around $223,8 million, which was transferred to Flow Traders and an entity identified as 139Po. According to analysts, this may be an over-the-counter (OTC) trading platform or an institutional depository service platform.
The transfers made by the German government had a notable impact on the price of BTC, which has been experiencing considerable volatility in recent weeks.
Source: CoinMarketCap
It is important to note that, despite repeated attempts by various media outlets, the country's Public Prosecutor's Office has not issued any official comments on the Bitcoin sell-off carried out in recent weeks, which has been contributing to speculation and uncertainty in the market.
On the other hand, the crypto community has condemned this act as a “mistake” on the part of the German government.
Bitcoin's Insertion into Government Finances
However, recent transactions also highlight the growing insertion of Bitcoin and cryptocurrencies into government finances and traditional financial servicesThis is because it exposes the willingness of government authorities, such as those in Germany, to operate with large amounts of cryptoassets.
The sell-off of bitcoins held by Germany also highlights the importance of transparency in blockchain, which allows platforms like Arkham Intelligence to track and analyse large-scale fund movements by different entities, providing valuable insights to market participants.
Finally, as the market calms down after this major sell-off, users remain attentive to how the bitcoin price stabilizes and responds in the coming weeks.
