German gov’t shifts additional 3K BTC in 1 hour

Josh O"Sullivan11 hours agoGerman gov’t shifts additional 3K BTC in 1 hourThe latest transactions by the German government follow outcries from MPs to stop the sell-off and protect the country from the risks of the traditional financial system.6794 Total views8 Total sharesListen to article 0:00Breaking newsOwn this piece of crypto historyCollect this article as NFTJoin us on social networksThe German government has transferred over 3,000 Bitcoin since 11:11 am UTC, bringing the total BTC volume moved by the government over the last 24 hours to a five-figure amount.

The transactions continue the Bitcoin (BTC) sell-off trend set by the German government since June 19 despite parliamentary members like the German lawmaker and BTC activist Joana Cotar urging it to “refrain” from doing so.

Cotar urged the government to stop its “hasty disposal of state-owned Bitcoin” and instead adopt a “strategic reserve currency” to shield itself against the risks of the traditional system.Arkham Intelligence data showing the last four hours of transactions made by the German Government wallet. Source: Arkham Intelligence

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In the last 24 hours, the German government has had a total combined inflow and outflow of over 6,000 BTC, more than half of which has been shifted out of the wallet.

During the day, the address currently holding 35,488 BTC — worth over $2 billion — has received 4,340 BTC, of which over 3,000 have been moved onto exchanges or unknown addresses.

Related:Bitcoin weakness spurs $441M digital asset inflowsGerman BTC political disagreement

Cotar issued her statement to the German government on July 4, stating that retaining BTC could aid the country in diversifying its treasury assets, promoting innovation and hedging against inflation.

The lawmaker described the move to sell-off its BTC holdings as “not only not sensible, but counterproductive,” yet the government sold a further $172 million later that day.

At the time, the wallet in question held over 42,200 BTC worth $2.4 billion — both values have now fallen to just over 35,400 BTC and $2 billion, respectively.

Related:Weekend Wrap: Germany moves $80M more BTC, Vitalik donates 100 ETH and moreMt. Gox sell pressure

The recent announcement by the defunct crypto exchange Mt. Gox to begin repaying its BTC and Bitcoin Cash (BCH) debts has further added to the ongoing market sell pressure.

The trustee of the Mt. Gox repayments process, Nobuaki Kobayashi, stated in an official release that repayments would begin “in accordance with the Rehabilitation Plan.”

According to a MtGoxBalanceBot post on X, the total BTC held by the known addresses of the Trustee was over 94,400 BTC, with over 47,000 of that moved at the time.

Magazine:Roaring Kitty fraud suit dropped, Ethereum Foundation hacked, and more: Hodler’s Digest, June 30 – July 6# Bitcoin# Cryptocurrencies# Government# Germany# TokensAdd reaction