The German government shifted another $56 million in Bitcoin to different platforms, continuing to offload portions of its massive Bitcoin trove and fueling volatility amid creditor payouts from Mt. Gox.
The German government continued shifting portions of its massive Bitcoin trove to exchanges on Monday, transferring over $56 million worth across multiple transactions., addresses linked to the German government moved a total of 500 BTC to Bitstamp and Coinbase , worth about $27.9 million, at 14:48 UTC+8 today, and transferred 500 BTC to an unmarked address.originally seized nearly 50,000 Bitcoin back in 2013 from the operators of the now-defunct piracy website Movie2K.
However, the amounts shifted so far equate to a relatively small portion of Germany's massive holdings. After the latest transactions, the government still possesses around 40,000 bitcoins valued at nearly $2.2 billion. Nonetheless, the remaining reserves represent a significant share of daily Bitcoin trading volumes. As such, experts caution the threat of further turbulence lingers as long as Germany stays active in reducing exposure.2014 collapse appear set to begin. This timing might compound selling pressure on Bitcoin amid an already bearish macro environment.
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