As a professional translator, I would like to translate this news article into English using a descriptive tone. The sentences should be accurate and coherent, and proprietary terms and all should be retained. The meaning should remain the same without any grammatical errors. Please note that the translation does not require a period at the end. Here is the translation:
CoinNess reported:
On June 26th, the German government transferred 250 bitcoins, worth approximately $15.4 million, to Kraken and Bitstamp. The government has moved a total of $150 million worth of BTC to various addresses. The German government’s BTC transfers, as well as the Mt. Gox repayments, have exerted pressure on the bitcoin price.
The Federal Criminal Police Office (BKA) of Germany has conducted additional bitcoin transfers to various addresses, including Kraken and Bitstamp.
These actions have sparked significant market speculation and raised concerns about their potential impact on the bitcoin price.
Recent Bitcoin Transfers by the German Government
According to reports on June 26th, a wallet controlled by the BKA transferred 750 bitcoins worth $46.35 million to different addresses, marking another example of the German government’s involvement in bitcoin transactions.
These transfers are part of a series of larger activities following the seizure of 50,000 BTC from the movie piracy website Movie2k in January.
According to Lookonchain, German authorities sent 250 bitcoins worth $15.41 million to Bitstamp and Kraken. Additionally, they transferred 500 bitcoins worth $30.9 million to an unidentified address labeled as “139Po,” which could be another exchange.
Just a day before today’s transfer, on June 25th, German authorities moved 400 bitcoins worth $24.3 million to Coinbase and Kraken.
This activity is part of a broader trend observed in the past week, where the German government has transferred approximately $150 million worth of seized bitcoins to known exchange addresses, with an additional $147 million sent to the “139Po” address.
Despite the significant transfers, the government still holds a substantial amount of funds, with 45,609 BTC worth approximately $2.8 billion.
Earlier in June, German authorities received 310 bitcoins worth $201,000 from Kraken, as well as smaller amounts of 90 bitcoins totaling $5.5 million from Robinhood, Bitstamp, and Coinbase.
Potential Impact on the Cryptocurrency Market
The significant fluctuations in the German government’s bitcoin holdings have had a notable impact on the market.
It is worth noting that the bitcoin price has dropped by about 6% during this period, reflecting the market’s reaction to these large transfers.
Analysts are concerned that the liquidation of the government’s seized bitcoins could push the bitcoin price below the critical threshold of $60,000. Recent market trends support this view as bitcoin has dropped by 11% on the monthly chart and over 6% on the weekly chart. At the time of writing this article, its price stands at $61,065 per coin.
Market analyst Willy Woo suggests that bitcoin may go through a four-week consolidation phase before recovering its price. He emphasizes the possibility of a “cooling-off” period in bitcoin’s price movement. Additionally, there may be further selling pressure in July due to Mt. Gox’s plan to distribute repayments of bitcoin and bitcoin cash to creditors.
Around 127,000 Mt. Gox creditors have been waiting for over a decade, with the total owed in bitcoin valued at $9.4 billion. This repayment could have a significant impact on the price of bitcoin.
The cryptocurrency community is closely monitoring these developments, particularly the German government’s bitcoin transfers and the upcoming Mt. Gox repayments that may trigger selling pressure.
Both events have the potential to significantly impact the dynamics of the bitcoin market in the coming months.
