German government transfers additional 1000 bitcoins in a wave of transfers

In a significant development within the Bitcoin market, the German government recently transferred an additional 1,000 BTC tokens. Over the past few weeks, the price of Bitcoin has experienced significant declines. Allegedly, the German government continues to transfer Bitcoin to centralized exchanges with the intention of selling.
Arkham, an on-chain analytics platform, detected this recent move. According to their data, addresses associated with the German government conducted transfers worth 250 bitcoins to both the Bitstamp exchange and Coinbase. At current prices, the combined value of these two transfers amounts to nearly $28 million.
Furthermore, the platform’s data revealed that an additional 500 bitcoins were transferred to an unidentified address, which could potentially belong to a centralized cryptocurrency exchange or an over-the-counter (OTC) service.
Currently, known addresses of the German government hold a total of 38,826 bitcoins, equating to approximately $2.17 billion.
At the time of writing, the price of Bitcoin stands at $00, with no change in the past 24 hours.
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German MP criticizes government’s ongoing Bitcoin sales
Joana Cotar, an independent member of the Bundestag, recently voiced her opposition to the German government’s large-scale sale of Bitcoin. In a bold move, Cotar expressed her concerns to prominent figures such as Michael Kretschmer, the vice president of the CDU, Christian Lindner, the Federal Minister of Finance, and Chancellor Olaf Scholz, describing the practice as “counterproductive.”
In a comprehensive letter, Cotar emphasized the benefits of Bitcoin, arguing that the cryptocurrency presents a “unique opportunity” for diversifying assets and serves as a hedge against risks associated with traditional asset classes. She also highlighted Bitcoin’s ability to protect against inflation and monetary devaluation due to its scarce nature.
Disclaimer: The views and opinions expressed by the author or any individuals mentioned in this article are solely for informational purposes and do not constitute financial, investment, or other advice. Investing or trading cryptocurrencies carries the risk of financial loss.
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