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Germany sells off bitcoins for billions of dollars (

Vokietija išparduoda bitkoinus už milijardus dolerių (

German government sells off seized bitcoins for billions of dollars. The high supply of cryptocurrencies caused by the sell-off leads to a drastic drop in value, which worries investors.

The German government received the bitcoins after a January raid by the Saxon police. Authorities seized about 50,000 bitcoins, which at the time were worth approximately $2.2 billion. dollars. Saxon police boasted at the time that it was "the largest amount of bitcoin ever seized by law enforcement in Germany," and the cryptocurrency was seized from the operators of movie piracy site, which has been operating since 2013.

The seized cryptocurrencies were transferred to a wallet operated by Germany's Federal Criminal Police Office and have been successfully sold off over the past few weeks. In June alone, the institution sold 900 bitcoins (worth about $52 million) and (so far) another 5,739 bitcoins in July, according to blockchain analytics company Arkham Intelligence.

A major sell-off in Germany and pressure from the start of bitcoin payments in 2014 led to the collapse of cryptocurrency exchange Mt. Gox creditors, the combination has had a negative impact on the value of the popular currency. The price has fallen sharply below $55,000, a level last seen in February 2024. According to CoinGeco, the total capitalization of the entire cryptocurrency market fell by more than 170 billion in 24 hours. dollars.

Currently, the German Federal Criminal Police Office has approximately 32,488 thousand bitcoins in its portfolio, which is approximately $1.9 billion at current prices. dollars. However, not all members of the German government are happy with the sales deals. According to Bundestag member Joana Cotar, the government should treat cryptocurrency as a "strategic currency reserve".

Meanwhile, today, bitcoin is up about two percent to $57,653,000. Since the beginning of the year, the price of this cryptocurrency has increased by over thirty-six percent, and in the last one year – by ninety-one percent.

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