German Government's Federal Criminal Police Office Sells Over $2 Billion in Bitcoin, Including Largest Single-Day Sale

Jul 9, 2024, 01:58 PM

The German government, through its Federal Criminal Police Office, has been aggressively selling its Bitcoin holdings, significantly impacting the cryptocurrency market. On July 10, the government transferred 10,853.5 BTC worth $637.66 million to exchanges and market makers, bringing its total transfers since June 19 to 36,748.4 BTC valued at $2.16 billion. The government currently holds 13,110 BTC worth $756 million. This series of transactions included the largest single-day sale of 17,000 BTC worth $951 million and has led to a substantial drop in Bitcoin's price, which fell to $55,200 at one point. The sales are part of the government's effort to liquidate assets seized from the Movie2k illegal movie streaming site. Despite the massive sell-off, Bitcoin has shown resilience, with its price stabilizing above $57,000.