German Authorities Sell Seized Bitcoins Worth Billions
German authorities have started selling a large cache of Bitcoins seized from the operators of the defunct movie streaming site, Movie2k.to. The Bitcoins, worth hundreds of millions of euros, were confiscated by the Saxony State Criminal Police Office (LKA Saxony) at the end of January.
The sale of the seized cryptocurrency is being handled by the Federal Criminal Police Office (BKA). A portion of the 50,000 Bitcoins has already been sold on popular trading platforms such as Coinbase and Kraken. As of now, the BKA has deposited around 1,700 Bitcoins on various exchanges, totaling nearly 100 million euros.
The BKA currently holds a significant reserve of 46,859 Bitcoins, which is now worth approximately 2.8 billion euros. While the BKA has sold a substantial amount, it has retained a significant reserve. This sale could potentially influence the stock market today, creating selling pressure and dampening price euphoria.
The BKA's Bitcoin sales are a notable development in the cryptocurrency market. With a significant reserve still held, the BKA's future actions will continue to impact the stock market. The sale of such a large amount of Bitcoins by a major institution may influence market dynamics in the coming months.
