Germany Holds Over $2K in Bitcoin

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Recent events involving Germany’s sale of Bitcoin and reimbursements from the Mt. Gox scandal have caused major disruptions in the cryptocurrency market, and there may be more drama still to come.

The biggest economy in the Eurozone currently holds a significant amount of BTC, with a potential value of $2.2 billion according to data from Arkham Intelligence.

This represents almost 9% of BTC’s daily trading volume of $25.3 billion, and could lead to further sharp changes in the price of the cryptocurrency. In the beginning of this year, the German Federal Criminal Police Office (BKA) seized 49,857 BTC from the operators of Movie2k.to, a now-defunct privacy website.

Since June, the German government has been gradually selling off this stash, which has put downward pressure on BTC’s market value.

Over the past four weeks, BTC’s spot price has dropped by approximately 20% to $55,490, with a 13% decline in the past week alone.