The German government has taken another significant step involving Bitcoin (BTC) as the market remains in a bearish state.
According to data provided by Arkham Intelligence, at 06:48 UTC today, the German government transferred 1,000 BTC, which is valued at $56.65 million at the time of writing. The entity sent 250 coins to both Coinbase and Bitstamp crypto exchanges.
The remaining 500 BTC were sent to an unknown address, “139PoP…H7ybVu,” which is suspected to be an over-the-counter (OTC) service.
Additionally, the German government currently holds 38,826 BTC, which is worth $2.16 billion.
On July 6, the government transferred $40.47 million worth of Bitcoin to the same address mentioned above. The assets were then moved to two other Bitcoin wallets, with one containing $91.6 million and the other containing $23.7 million in BTC.
These sell-offs come as both Bitcoin and altcoins experience significant losses. BTC has decreased by 2.2% in the past 24 hours and is currently trading at $56,650. The daily trading volume for the asset has increased by 29% to reach $26.6 billion. Bitcoin’s market cap remains steady at $1.11 trillion.
Joana Cotar, a member of the German Bundestag, has called on the government to halt the sale of Bitcoin. She believes that BTC is a “strategic reserve currency” and that it could help diversify Germany’s treasury assets.
Tron founder Justin Sun has expressed his willingness to purchase Germany’s Bitcoin holdings via OTC. He believes that this approach could minimize the impact on the market.
In other news, scammers have drained $1.7 million by posing as Coinbase employees.