German Government Transfers 5665 Million in BTC Amidst MarketWide Fear Uncertainty and Doubt FUD

The German government has once again made a significant move in the Bitcoin market amidst its current bearish state. According to information provided by Arkham Intelligence, the German government transferred 1,000 BTC, equivalent to $56.65 million at the time of writing, at 06:48 UTC today. Of these, 250 coins were sent to both Coinbase and Bitstamp crypto exchanges, while the remaining 500 BTC were transferred to an unknown address, “139PoP…H7ybVu,” which could potentially be an over-the-counter (OTC) service. Currently, the German government still holds 38,826 BTC, valued at $2.16 billion.

In a previous instance on July 6, the government transferred $40.47 million in Bitcoin to the same address mentioned earlier. These assets were later moved to two different Bitcoin wallets, each containing $91.6 million and $23.7 million in BTC, respectively.

These recent sales coincide with the significant losses faced by Bitcoin and altcoins. Bitcoin has experienced a 2.2% decrease in the past 24 hours and is currently trading at $56,650. The daily trading volume for the asset has increased by 29% to reach $26.6 billion. Bitcoin’s market cap remains steady at $1.11 trillion.

Joana Cotar, a member of the German Bundestag, has urged the government to halt the sale of Bitcoin. She considers BTC to be a “strategic reserve currency” and believes that its inclusion in Germany’s treasury assets could provide diversification.

Justin Sun, the founder of Tron, expressed his willingness to acquire Germany’s Bitcoin holdings through OTC channels on July 4. He suggested that such a move could minimize the impact on the market.

In a separate incident, scammers have managed to drain $1.7 million by posing as Coinbase employees.