{"id":24903,"date":"2024-07-12T11:00:59","date_gmt":"2024-07-12T08:00:59","guid":{"rendered":"https:\/\/coinengineer.io\/?p=24903"},"modified":"2024-07-12T09:40:26","modified_gmt":"2024-07-12T06:40:26","slug":"germanys-bitcoin-wallet-drops-to-9094-btc","status":"publish","type":"post","link":"https:\/\/coinengineer.net\/blog\/germanys-bitcoin-wallet-drops-to-9094-btc\/","title":{"rendered":"Germany’s Bitcoin Wallet Drops to 9,094 BTC"},"content":{"rendered":"

Following the most recent series of back-and-forth transactions with crypto exchanges on July 11, the German government’s Bitcoin wallet<\/strong> is down to 9,094 Bitcoin, just 18% of what it started with.<\/p>\n

Since June 19, the wallet\u2014which has been storing Bitcoin confiscated from a movie pirating website raid in January\u2014has transferred away billions of coins while intensifying activities at the beginning of July.<\/p>\n

After sending 10,620 BTC, worth $615 million, to bitcoin trading platforms Coinbase, Bitstamp, Kraken, and Flow Traders at two anonymous addresses, blockchain intelligence firm Arkham observed on July 11 that the wallet even momentarily slipped below 5,000 BTC.<\/p>\n

Soon later, some of the monies were returned to the German government’s wallet<\/strong>, restoring Germany’s Bitcoin reserves<\/strong> to above 9,000 BTC.<\/p>\n

With the present count, the German government<\/strong> only owns 18% of the 49,857 Bitcoin it obtained from the movie pirate website Movie2k back in January, valued at $520 million.<\/p>\n

Valhalla thinks institutional deposit or over-the-counter trading service providers most likely hold the two anonymous addresses ending in “139Po” and “bc1qu.” Still, that has not been verified.<\/p>\n

German<\/strong> politician and Bitcoin supporter Joana Cotar, who said earlier this month that Bitcoin should have instead been adopted as a “strategic reserve currency<\/em>” to shield against vulnerabilities in the existing system, finds Germany’s<\/strong> huge sell-off unacceptable.<\/p>\n

Related: German Politician Joana Cotar Urges Halt to Bitcoin Sales<\/a><\/em><\/span><\/p>\n

One ordinary user apparently expressed their own irritation on something else, leaving Germany’s<\/strong> wallet address an inscription in German<\/strong> that corresponds to “Taxes are robbery<\/em>.”<\/p>\n

The sell-off, together with concerns that Mt. Gox has begun to unload more than $8 billion in Bitcoin to its creditors, has mostly driven a Bitcoin price drop in recent weeks.<\/p>\n

The bearish occurrences have helped the indicator measuring market mood, the Crypto Fear & Greed Index, enter the “Extreme Fear” zone for the first time since January last year.<\/p>\n

Right now, Bitcoin is trading at $57,030, down 1.8% over the past 24 hours and 15.1% over the past month.<\/p>\n

 <\/p>\n

 <\/p>\n

You can also freely share your thoughts and comments about the topic in the comment section. Additionally, don\u2019t forget to follow us on our Telegram,\u00a0<\/strong><\/a>YouTube<\/strong><\/a>,\u00a0and\u00a0Twitter<\/strong><\/a>\u00a0channels for the latest\u00a0news<\/a> and updates.<\/em><\/p>\n","protected":false},"excerpt":{"rendered":"

Following the most recent series of back-and-forth transactions with crypto exchanges on July 11, the German government’s Bitcoin wallet is down to 9,094 Bitcoin, just 18% of what it started with. Since June 19, the wallet\u2014which has been storing Bitcoin confiscated from a movie pirating website raid in January\u2014has transferred away billions of coins while<\/p>\n","protected":false},"author":6,"featured_media":24905,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[2],"tags":[61,4068],"class_list":["post-24903","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-news","tag-bitcoin","tag-germany"],"yoast_head":"\nGermany's Bitcoin Wallet Drops to 9,094 BTC - Coin Engineer<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/coinengineer.net\/blog\/germanys-bitcoin-wallet-drops-to-9094-btc\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Germany's Bitcoin Wallet Drops to 9,094 BTC - Coin Engineer\" \/>\n<meta property=\"og:description\" content=\"Following the most recent series of back-and-forth transactions with crypto exchanges on July 11, the German government’s Bitcoin wallet is down to 9,094 Bitcoin, just 18% of what it started with. 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