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News - Why did the BTC drop? German state sells 1,300 Bitcoin
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07-07-20243 min read
Why did the BTC drop? German state sells 1,300 Bitcoin
Earlier this year, the LKA Sachsen seized 50,000 Bitcoin. This week, German authorities sold Bitcoin worth US$74 million.
The Bitcoin exchange rate has fallen. The main reason could be the Federal Criminal Office (BKA). Public records show that this federal agency conducted at least 13 Bitcoin transactions this week - some of them to wallets of exchanges such as Kraken. It seems they want to sell the stock seized from the movie2k.to case.
However, many of the transactions go from one BKA wallet to another. No clear strategy is apparent. For example, on Tuesday, July 2, the authority transferred more than 14,000 BTC to this address moved - only to move them again shortly thereafter.
can germany just fuck off already????? 🇩🇪💀😅 pic.twitter.com/Zp8Eco2il6
— kook ☪️ (@KookCapitalLLC) July 4, 2024
Despite the sales, Germany still has more than 40,000 BTC. Originally, authorities had seized 50,000 Bitcoin. The coins came from the suspected operators of the illegal streaming platform movie2k.to. Because the case against a 40-year-old German and his 37-year-old Polish accomplice is still pending, the authorities involved are releasing little information. Germany itself says that the proceeds of the seized values go to the treasury of the state where the court is located, according to § 60 of the Strafvollstreckungsordnung.
In other words, the state of Saxony is getting a hefty sum of money. In total, the 40,000 BTC are currently worth $2.3 billion. What the state will do with the money, they would not tell. A question to the spokesman for the government of Saxony remained unanswered until publication.
I am willing to negotiate with the German government to purchase all BTC off-market in order to minimize the impact on the market.
— H.E. Justin Sun 孙宇晨 (@justinsuntron) July 4, 2024
Justin Sun, a crypto influencer and founder of Tron, expressed interest in buying the coins. On the afternoon of July 4, he wrote on X that he is willing to "negotiate with the German government for the off-exchange purchase of the BTC." According to analysis platform Spot On Chain on X, the sale of the BKA coins is indeed related to price fluctuations in the crypto market. The 1,300 coins sold are worth a whopping US$74 million. By comparison, that's more than 50 percent of the daily trading volume on Kraken.
