{"id":240802,"date":"2024-07-08T13:01:20","date_gmt":"2024-07-08T13:01:20","guid":{"rendered":"https:\/\/michigandigitalnews.com\/index.php\/2024\/07\/08\/german-government-moves-another-56m-in-bitcoin-to-exchanges\/"},"modified":"2025-06-25T17:15:15","modified_gmt":"2025-06-25T17:15:15","slug":"german-government-moves-another-56m-in-bitcoin-to-exchanges","status":"publish","type":"post","link":"https:\/\/michigandigitalnews.com\/index.php\/2024\/07\/08\/german-government-moves-another-56m-in-bitcoin-to-exchanges\/","title":{"rendered":"German Government Moves Another $56M in Bitcoin to Exchanges"},"content":{"rendered":"<p> [ad_1]<br \/>\n<br \/><img decoding=\"async\" src=\"https:\/\/bitcoinmagazine.com\/.image\/c_fit%2Ch_800%2Cw_1200\/MjA3NDAyMjg3MzY1MTA1MDU1\/germany.jpg\" \/><\/p>\n<p>The German government continued shifting portions of its massive Bitcoin trove to exchanges on Monday, transferring over $56 million worth across multiple transactions.<\/p>\n<p>According to <a href=\"https:\/\/platform.arkhamintelligence.com\/explorer\/entity\/germany\">blockchain data<\/a>, addresses linked to the German government moved\u00a0a total of 500 BTC to Bitstamp and Coinbase (250 BTC each), worth about $27.9 million, at 14:48 UTC+8 today, and transferred 500 BTC to an unmarked address.<\/p>\n<blockquote class=\"twitter-tweet\">\n<p lang=\"en\" dir=\"ltr\">JUST IN: \ud83c\udde9\ud83c\uddea German Government sends another 1,000 <a href=\"https:\/\/twitter.com\/hashtag\/Bitcoin?src=hash&amp;ref_src=twsrc%5Etfw\">#Bitcoin<\/a> worth $56 million to exchanges \ud83d\udc40 <a href=\"https:\/\/t.co\/zsxg3q2tkV\">pic.twitter.com\/zsxg3q2tkV<\/a><\/p>\n<p>&mdash; Bitcoin Magazine (@BitcoinMagazine) <a href=\"https:\/\/twitter.com\/BitcoinMagazine\/status\/1810261185578541226?ref_src=twsrc%5Etfw\">July 8, 2024<\/a><\/p><\/blockquote>\n<p><a href=\"https:\/\/bitcoinmagazine.com\/tags\/germany\">Germany<\/a> originally seized nearly 50,000 Bitcoin back in 2013 from the operators of the now-defunct piracy website Movie2K. The stash is estimated to be worth around $2.3 billion at today&#8217;s prices.<\/p>\n<p>This comes after the government shifted around $390 million in Bitcoin to various platforms <a href=\"https:\/\/bitcoinmagazine.com\/business\/german-government-moves-over-75-million-in-bitcoin-to-exchanges\">since mid-June.<\/a><\/p>\n<p>The steady flow of transfers to exchanges signals Germany&#8217;s potential intentions to liquidate parts of its reserves. While reasons remain uncertain, the sales have fueled volatility in Bitcoin&#8217;s price, which dipped below $55,000 last week.<\/p>\n<p>However, the amounts shifted so far equate to a relatively small portion of Germany&#8217;s massive holdings. After the latest transactions, the government still possesses around 40,000 bitcoins valued at nearly $2.2 billion.<\/p>\n<p>Nonetheless, the remaining reserves represent a significant share of daily Bitcoin trading volumes. As such, experts caution the threat of further turbulence lingers as long as Germany stays active in reducing exposure.<\/p>\n<p>The liquidations come just as long-awaited creditor <a href=\"https:\/\/bitcoinmagazine.com\/business\/bitcoin-price-falls-as-mt-gox-starts-repayments\">payouts from Mt. Gox&#8217;s<\/a> 2014 collapse appear set to begin. This timing might compound selling pressure on Bitcoin amid an already bearish macro environment.<\/p>\n<p><script async src=\"https:\/\/platform.twitter.com\/widgets.js\" charset=\"utf-8\"><\/script><br \/>\n<br \/>[ad_2]<br \/>\n<br \/><a href=\"https:\/\/bitcoinmagazine.com\/business\/german-government-moves-another-56m-in-bitcoin-to-exchanges\">Source link <\/a><\/p>\n","protected":false},"excerpt":{"rendered":"<p>[ad_1] The German government continued shifting portions of its massive Bitcoin trove to exchanges on Monday, transferring over $56 million worth across multiple transactions. According<\/p>\n","protected":false},"author":1,"featured_media":240803,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_monsterinsights_skip_tracking":false,"_monsterinsights_sitenote_active":false,"_monsterinsights_sitenote_note":"","_monsterinsights_sitenote_category":0,"_uf_show_specific_survey":0,"_uf_disable_surveys":false,"footnotes":""},"categories":[172],"tags":[],"_links":{"self":[{"href":"https:\/\/michigandigitalnews.com\/index.php\/wp-json\/wp\/v2\/posts\/240802"}],"collection":[{"href":"https:\/\/michigandigitalnews.com\/index.php\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/michigandigitalnews.com\/index.php\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/michigandigitalnews.com\/index.php\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/michigandigitalnews.com\/index.php\/wp-json\/wp\/v2\/comments?post=240802"}],"version-history":[{"count":0,"href":"https:\/\/michigandigitalnews.com\/index.php\/wp-json\/wp\/v2\/posts\/240802\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/michigandigitalnews.com\/index.php\/wp-json\/wp\/v2\/media\/240803"}],"wp:attachment":[{"href":"https:\/\/michigandigitalnews.com\/index.php\/wp-json\/wp\/v2\/media?parent=240802"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/michigandigitalnews.com\/index.php\/wp-json\/wp\/v2\/categories?post=240802"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/michigandigitalnews.com\/index.php\/wp-json\/wp\/v2\/tags?post=240802"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}