German government continues to transfer thousands of bitcoins to exchanges and market makers
Quick Take The German government transferred 133.722 bitcoins to market maker Cumberland DRW before sending 150 coins to crypto exchange Kraken and 1,000 coins to the B2C2 Group. It also transferred 300 bitcoins to Coinbase, 300 bitcoins to Bitstamp and 1,000 bitcoins to market maker Flow Traders.
The German government transferred 133.722 bitcoins to market maker Cumberland DRW today before sending 150 coins to crypto exchange Kraken and 1,000 coins to the B2C2 Group, according to blockchain analytics platform Arkham.
It also transferred 300 bitcoins to Coinbase and 300 bitcoins to Bitstamp, as well as 1,000 bitcoins to market maker Flow Traders.
These new transfers follow transactions made earlier Monday morning , when the German government moved 250 bitcoins to Bitstamp, 250 bitcoins to Coinbase and 500 bitcoins to an unlabelled address presumed to be an OTC service or unlabeled exchange address.
While Germany's selling spree has certainly garnered a lot of attention, it hasn't proven popular with everyone in the country's government. Member of the German Bundestag and bitcoin advocate Joana Cotar heavily criticized the government's decision to "hastily" sell the bitcoins it possesses in lieu of a comprehensive bitcoin strategy.
"Instead of holding bitcoin as a strategic reserve currency, as is already being debated in the USA, our government is selling on a large scale,” Cotar wrote last Thursday, claiming this was "not sensible" and "counterproductive."
Despite the apparent bitcoin selling from the German government, the price of the foremost cryptocurrency has rebounded intraday and is currently down less than 0.6% over the past 24 hours, according to The Block's Bitcoin Price Page .
The German government still holds more than $2 billion worth of bitcoin, according to Arkham.
Disclaimer: The content of this article solely reflects the author's opinion and does not represent the platform in any capacity. This article is not intended to serve as a reference for making investment decisions.
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