The German <\/a>government has transferred another chunk of its massive Bitcoin reserves to exchanges.<\/p>\n

According to blockchain data<\/a>, the German Federal Criminal Police Office (BKA) moved roughly $75 million worth of Bitcoin across multiple transactions on July 4th. The funds were spread across exchanges, including Coinbase, Kraken, and Bitstamp.<\/p>\n

This comes after the government shifted around $315 million in bitcoin to various platforms since mid-June<\/a>. Germany has offloaded over $390 million in Bitcoin in under a month.<\/p>\n

In 2013, the BKA seized nearly 50,000 bitcoin linked to the former operator of the film piracy website Movie2K. The stash is estimated to be worth $2.3 billion at today’s prices.<\/p>\n

The steady flow of bitcoin to exchanges signals Germany’s potential plans to liquidate portions of its reserves. This has sparked fears of impacts on Bitcoin’s market price, which dipped below $58,000 this week.<\/p>\n

However, the amounts transferred so far make up a relatively small share of the BKA’s massive Bitcoin trove. After the latest movements, Germany still holds around 40,000 Bitcoin.<\/p>\n

The sales mirror similar transfers by the U.S. government<\/a> in recent weeks. America also holds Bitcoin confiscated from criminal cases, prompting concerns it may be selling reserves.<\/p>\n

The liquidations come as creditor repayments from Mt. Gox’s<\/a> 2014 collapse appear set to begin in July. The timing threatens to compound selling pressure on Bitcoin.<\/p>\n

However, proponents argue the amounts equate to a tiny fraction of daily Bitcoin trading volumes.\u00a0<\/p>","protected":false},"excerpt":{"rendered":"

The German government has transferred another chunk of its massive Bitcoin reserves to exchanges. According to blockchain data, the German Federal Criminal Police Office (BKA) moved roughly $75 million worth of Bitcoin across multiple transactions on July 4th. The funds were spread across exchanges, including Coinbase, Kraken, and Bitstamp. This comes after the government shifted […]<\/p>\n","protected":false},"author":0,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[1],"tags":[],"class_list":["post-26403","post","type-post","status-publish","format-standard","hentry","category-crypto-news"],"_links":{"self":[{"href":"https:\/\/bitcoins-101.com\/wp-json\/wp\/v2\/posts\/26403","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/bitcoins-101.com\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/bitcoins-101.com\/wp-json\/wp\/v2\/types\/post"}],"replies":[{"embeddable":true,"href":"https:\/\/bitcoins-101.com\/wp-json\/wp\/v2\/comments?post=26403"}],"version-history":[{"count":0,"href":"https:\/\/bitcoins-101.com\/wp-json\/wp\/v2\/posts\/26403\/revisions"}],"wp:attachment":[{"href":"https:\/\/bitcoins-101.com\/wp-json\/wp\/v2\/media?parent=26403"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/bitcoins-101.com\/wp-json\/wp\/v2\/categories?post=26403"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/bitcoins-101.com\/wp-json\/wp\/v2\/tags?post=26403"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}