U.S. and German Government's Bitcoin Movements Raise Market Concerns [Yahoo! Finance]
Coinbase Global, Inc. - Class A (COIN)
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Source: Yahoo! Finance
On Monday morning, wallets known to be linked to the German government transferred 1,500 BTC (approximately $94.94 million) across various destinations, including Bitstamp, Coinbase and Kraken, according to Arkham Intelligence. Germany is one of the largest state holders of Bitcoin, with around $2.8 billion worth of the cryptocurrency seized from various operations, including from a movie piracy website. Last month, the EU nation began liquidating part of its holdings, offloading over $195 million worth of BTC within 24 hours. This sell-off exerted downward pressure on Bitcoin's price, causing it to drop by about 3.5%. The U.S. government also executed notable crypto transactions on Monday. Wallets associated with American authorities moved 3,375 ETH, valued at $11.75 million, to an unknown address. This move follows last week's transfer of 3,940 BTC, worth approximately $248 million, to a Coinbase Prime account. These funds were seized from Banmeet Singh, an Indian drug kingpin w
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