Germany and USA Transfer Massive Crypto Holdings: Bitcoin and Ethereum Seized by Governments on the Move

08.07.2024 08:43 93 times read Reading time: 2 minutes 0 Comments

Bitcoin, Ethereum & Co.: Germany and USA Transfer Massive Crypto Holdings

The German and US governments have recently been actively transferring significant amounts of their Bitcoin and Ethereum holdings. According to finanzen.net, these transactions include assets previously seized by law enforcement agencies.

In particular, the German government has been sending large quantities of Bitcoin from a wallet labeled "German Government (BKA)" to various exchanges such as Bitstamp, Coinbase, Flow Traders, and Kraken. A substantial amount in the hundreds of millions was also transferred to an unknown address identified as "139Po." This activity follows earlier transfers in June when thousands of Bitcoins were sent to this same address. The origins trace back to confiscations related to the illegal movie streaming site Movie2k.to.

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Meanwhile, the US government is similarly engaged in offloading its crypto reserves. Recently, it moved 3,375 Ethereum worth approximately $11.75 million to an undisclosed address at the beginning of July. These actions are part of broader efforts by both countries' authorities to liquidate seized cryptocurrency assets.

Ethereum Price: Why Investors Might Consider Buying ETH Now - 06.07.2024

Wallstreet:online reports that despite recent declines where Ethereum lost over 30% after briefly surpassing $4,000 USD per coin, there might be a buying opportunity on the horizon for investors.

Crypto-expert Michaël van de Poppe notes that Ethereum's Relative Strength Index (RSI) is currently at its lowest since August 2023’s crash—indicating potential oversold conditions which could precede a price rebound. Additionally, many altcoins show similar RSI lows suggesting market capitulation may offer attractive entry points for new investments.

Apart from technical indicators favoring recovery prospects for ETH prices soon turning bullish again, the fact that Mt.Gox does not hold any Ether avoids selling pressure unlike BTC markets facing liquidation fears amid insolvency proceedings involving Japan-based exchange platform payouts expected later this year. This further supports positive sentiment towards holding onto or acquiring more tokens now before anticipated upward trends resume, driving values higher once regulatory approvals are granted enabling the launch of spot ETFs within U.S marketplaces. This would significantly boost demand across the board, benefiting the entire ecosystem built around blockchain technology underpinning decentralized finance applications leveraging smart contract capabilities. These are unique among leading cryptocurrencies globally recognized today, making a compelling case for long-term growth potentials despite short-lived volatility experienced periodically throughout trading cycles. Historically proven to be a resilient asset class, the emerging digital economy is transforming the financial landscape worldwide, revolutionizing how people transact securely, efficiently, and cost-effectively without intermediaries involved, reducing risks associated with traditional banking systems prone to failures, frauds, cyberattacks, and systemic disruptions impacting global commerce adversely. This ensures equitable access to opportunities and prosperity shared equitably by everyone regardless of geographic location, socio-economic status, background, ethnicity, religion, gender, orientation, beliefs, affiliations, preferences, choices, aspirations, dreams, ambitions, goals, objectives, and visions.

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Article Summary

The German and US governments have been transferring large amounts of seized Bitcoin and Ethereum holdings to various exchanges, with Germany moving significant quantities from a wallet labeled "German Government (BKA)" and the US recently relocating 3,375 Ethereum. Despite recent declines in Ethereum's price, experts suggest potential buying opportunities due to oversold conditions indicated by technical indicators like RSI, alongside positive sentiment driven by factors such as the absence of Mt.Gox-related selling pressure on ETH markets.

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