Saxony's Bitcoin Sell-Off: How 50,000 BTC Shook the Market

09.07.2024 11:10 79 times read Reading time: 2 minutes 0 Comments

Saxony and Bitcoins: How Saxony Crashed Bitcoin

In a surprising move, the Free State of Saxony came into possession of 50,000 Bitcoins about six months ago, belonging to the operator of the illegal movie-sharing site movie2k. The authorities have recently started selling these Bitcoins valued at around 143 million euros, significantly impacting the Bitcoin market. However, experts believe that this sale will not have a long-term impact on the price. More information can be found at zeit.de.

Hackers Strike and Steal Bitcoin Worth Billions

According to a report by CNBC, cryptocurrencies worth $1.38 billion were stolen in the first half of 2024—more than double the amount in the same period of the previous year. The largest single attack targeted the Japanese crypto exchange DMM Bitcoin, with losses amounting to over $300 million in Bitcoin. This increasing number of crypto thefts may have been facilitated by higher crypto prices. Read more at FOCUS Online.

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Bitcoin for Saxony: How the LKA Sells 50,000 BTC

The Landeskriminalamt (LKA) Sachsen has been holding a massive amount of confiscated Bitcoins from the "Movie2k.to" case since January this year. To sell these coins without impacting the market, the LKA uses various strategies, including over-the-counter (OTC) sales. Despite all efforts, the Bitcoin price drop partially correlates with these sales actions by the LKA. For detailed insights, please visit BTC-ECHO | Bitcoin & Blockchain seit 2014.

Crypto Market Report: How Cryptocurrencies Are Performing on Tuesday Morning

On Tuesday morning, there was a slight recovery in the Bitcoin price by nearly one percent to about $57,190 after a previous drop below $56,677 the day before. Other major cryptocurrencies like Ethereum and Litecoin showed similar positive movements, while Ripple remained largely stable without major fluctuations.

For more details, check out finanzen.net.

Is Saxony Manipulating Global Crypto Markets by Selling Its Bitcoins?

Saxony's judiciary has already sold over 11,100 of their total 50,000 confiscated Bitcoins, possibly triggering significant market movements. Critics fear further price crashes due to such large-scale sell-offs. Lawmakers are now demanding clarification from the finance minister regarding possible manipulations. Read more at Sächsiche.de.

Cryptos by Criminals: German State Causes Bitcoin to Crash

The Bitcoin price has plummeted by 20% since the beginning of June, partly attributed to the eastern German state of Saxony. The Landeskriminalamt (LKA) had seized 50,000 Bitcoins in January and is now attempting to liquidate them. This led to a short-term oversupply in the market, depressing the price. Further details at Blick.ch.

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Article Summary

Saxony's sale of 50,000 confiscated Bitcoins from the Movie2k.to case has significantly impacted Bitcoin prices, causing a short-term market oversupply and price drop. Despite this, experts believe these actions won't have long-term effects on Bitcoin's value.

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The Best Bitcoin Mining Providers at a Glance

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From our perspective, currently the best mining provider on the market. With the community concept, you participate in a mining pool completely managed by professionals. A portion of the earnings are used for expansion and maintenance. We've never seen this solved as cleanly anywhere else.

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A well-known and established cloud hosting company. With a good entry point and in a good market phase, a good ROI can also be generated with some patience. Unfortunately, we see the durations as a major drawback.