Governments move over US$100 mln in crypto
07/02/2024 01:57German and US governments' crypto transactions prompt discussions on potential market effects.
The German and U.S. governments have transferred over US$100 million in cryptocurrency.
On July 1, the German government moved 1,500 Bitcoin (BTC), worth approximately US$95 million, with some of these funds being sent to major cryptocurrency exchanges.
Concurrently, the U.S. government moved 3,375 Ethereum (ETH), valued at around US$12 million, to an undisclosed wallet.
These transactions occur amidst the crypto community’s anticipation of a market rebound in July, following historical patterns of recovery after June’s downturns.
The German government’s transaction involved transferring 400 BTC to exchanges such as Bitstamp, Coinbase, and Kraken, which may suggest plans to liquidate these assets.
Over the last two weeks, Germany has transferred 2,700 BTC to various exchanges.
Despite these transactions, Germany maintains a substantial reserve of 44,692 BTC, estimated to be worth around US$2.8 billion.
The U.S. government’s Ethereum transfer reportedly originates from assets previously confiscated from Estonian crypto entrepreneurs Potapenko and Turogin, marking a significant change in the management of these funds.
The U.S. still holds 49,320 ETH, with an estimated value of US$172 million.
Further complicating market dynamics is the anticipated commencement of repayments in the Mt. Gox case, expected to start in July 2024.