German Officials Continue Massive Bitcoin Sell-Off, More BTC Selling Pressure From Germany, Mt. Gox?

AwalletlinkedtotheGermanFederalCriminalPoliceOffice(BKA)appearstobedumpingmoreBitcoin(BTC),asperon-chaindata,afterpreviouslydumpingroughly

AwalletlinkedtotheGermanFederalCriminalPoliceOffice(BKA)appearstobedumpingmoreBitcoin(BTC),asperon-chaindata,afterhavingpreviouslysoldroughly$170millionworthofthealphacryptocurrencylastweek.OnTuesday,theBKAmoved400BTC,valuedatabout$24million,intwoseparatetransactionstocryptocurrencyexchangesCoinbaseandKraken.GermanOfficialsContinueMassiveBitcoinSell-OffOnTuesdaymorning,theGermanFederalCriminalPoliceOffice’swalletsent400BTC($24.34million)toCoinbaseandKraken,indicatinganintentiontoselltheassets.Another500BTC(over$30millionworth)wasmovedtowallet“139Po,”whichremainsunidentifiedatpresstime,accordingtoon-chainanalyticsproviderArkhamIntelligence.“Thisisinadditiontothe$130millionBTCsenttoexchangeson19thJuneand$65millionBTCsenton20thJune,althoughtheydidreceive$20.1millionbackfromKrakenand$5.5millionfromwalletslinkedtoRobinhood,Bitstamp,andCoinbase,”Arkhamadded.TheBTCinquestionoriginatesfromaconfiscationofalmost50,000BTC,valuedatover$2billionatthetime,fromoperatorsofthemoviepiracywebsiteMovie2k.TheBKAreceivedtheBitcoininJanuaryafterthesuspectsvoluntarilytransferredtheBTCtowalletscontrolledbyGermanlawenforcement.Thesesell-offscomeasBitcoin’spriceencountereddownwardpressure,tradingaround$61,390atthetimeofwriting.Theapexcryptohasfallen10.8%onthemonthlychartandover5%weekly,accordingtoCoinGeckodata.MoreBTCSellingPressureFromGermany,Mt.Gox?Followingtoday’stransfers,theGermangovernmentcurrentlyholds46,359BTC,valuedataround$2.8billionatthecurrentmarketprices.ThismakesGermanyamongthelargestknownnation-stateholdersofthepremiercrypto,behindtheUnitedStates,China,andtheUK.Theofficialscouldaddsignificantsellingpressureiftheycontinueoffloadingcoins,whichcoulddragthepriceofBitcoinbelowthepsychologicallyimportant$60,000level.Moreover,Mt.Goxrepaymentscommencingnextweekcouldfurthercontributetothebearishsentiment.AsZyCryptoreportedearlier,theMt.Goxrehabilitationtrusteeissettodistributeroughly$9billionworthofBitcoinandBitcoinCash(BCH)tocreditorsofthedefunctexchangewhohavebeenwaitingforoveradecadetorecovertheirmoney.“Thereisn’tamassive‘dump’fromGermanyorGox,”SamsonMow,CEOofBitcoinadoptionfirmJan3,statedinapostontheX(akaTwitter)platform,addingthatMt.Goxsalewillhave“minimalimpact”ontheBitcoinprice.“RightnowthisBitcoindipispurelysentimentandfear-driven,notfromsellingoflargeholdings.EvenwhenGoxcoinscometomarket,iftherearesales,theywilllikelybeviaOTCandwillhaveminimalimpactonprice.”

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