Germany Transfers 28 Million Worth of Bitcoin to Bitstamp on Coinbase

CoinMedia reported:
On Monday morning, the German government continued to transfer Bitcoin from its holdings to cryptocurrency exchanges, moving over $28 million worth of Bitcoin to Coinbase and Bitstamp.
The addresses linked to the German government, in collaboration with the encryption analysis company Arkham, transferred 250 BTC to both Coinbase and Bitstamp. Another 500 Bitcoin, worth $28 million, was also sent to an unidentified address.
According to the dashboard of Arkham Intelligence, the German government holds a total of 38,826 Bitcoin, which is valued at over $2.23 billion at current prices. In January of this year, the price of Bitcoin was around $46,000, and due to pirate activities, most of the company’s assets were confiscated.
In recent days, the German government has been selling Bitcoin through cryptocurrency exchanges, causing the price of Bitcoin to drop to below $55,000, and causing significant disruption to the broader cryptocurrency market. At the time of writing, the price of Bitcoin has rebounded to around $57,590, with trading maintaining a steady position throughout the day.
Over the weekend, Joana Cotar, an independent member of the German Federal Parliament, criticized the German government for lacking a “strategy” in dealing with Bitcoin and argued, “I am completely unsure whether the government is aware of or realizes the consequences of its sales.”
Others have seized the opportunity brought about by the German Bitcoin sales. Controversial Tron founder Justin Sun publicly offered to purchase the remaining Bitcoin from the German government in order to “minimize the impact on the market as much as possible.”
Bitcoin selling pressure
Analysts told Decrypt that the selling pressure on Bitcoin is unlikely to ease in the coming days, as the German government’s recent sales have exacerbated the transfer of funds from the bankrupt estate of the defunct cryptocurrency exchange Mt. Gox.
Mt. Gox users are awaiting the repayment of funds lost over a decade ago due to a hacker attack, with repayments expected to begin in July.