Bitcoin

<figure>
 <figcaption>
 Cover image via <a href="https://u.today/" rel="noopener noreferrer nofollow">U.Today</a>
 </figcaption>
</figure>
The German government has&nbsp;<a href="https://x.com/lookonchain/status/1809898425674248702" rel="noopener noreferrer nofollow">made waves</a> in the cryptocurrency market with yet another massive transfer.&nbsp;
According to blockchain analytics platform Lookonchain, it transferred another 700 Bitcoins just hours ago.&nbsp;
The recent transfer comes after Joana Cotar, an independent member of the German parliament, urged the government to stop liquidating the remaining Bitcoin holdings. The cryptocurrency-friendly politician argued that the largest coin could potentially serve as an inflation hedge while also promoting economic sovereignty and innovation.&nbsp;
Her arguments, however, evidently fell on deaf ears given that the German government continues its massive selling spree.&nbsp;
Lookonchain has estimated that the German government has already transferred a whopping $819 million worth of Bitcoin. It continues to hold roughly $2.3 billion worth of Bitcoin, meaning that the battered cryptocurrency market could still face a lot of selling pressure.&nbsp;
<h2 id="where-does-germany-s-bitcoin-fortune-come-from">Where does Germany's Bitcoin fortune come from?&nbsp;</h2>
Germany's Bitcoin fortune came from Movie2k.to. The website would aggregate pirated media content, including popular movies and TV series, that were available on the internet. Instead of hosting this content, it merely provided its users with a search feature.&nbsp;
At the peak of its popularity, Movie2k.to became one of the most popular websites in&nbsp;<a href="https://u.today/germanys-bitcoin-sell-off-spree-grows-with-28274-btc-to-bitstamp" rel="noopener noreferrer nofollow">Germany</a>, even surpassing social media giant Twitter. However, it was shut down in May 2013 following a multi-year effort by major movie studios to shut it down.&nbsp;
The German authorities ended up confiscating 50,000 Bitcoins from one of the operators of the infamous website.&nbsp;

German Government Can’t Stop Selling Bitcoin

Table of Contents

U_Today

Other articles published on Jul 7, 2024

Germany Continues Significant Bitcoin Transfers, Moves $40 Million in BTC

Polkadot’s Hyperbridge Set to Transform Blockchain Connectivity; DOT Surge Ahead?

Economy: China Hits Back at EU Tariffs With Explosive Investigation!

Will BONK Lead The Memecoin Resurgance As It Holds Up Better Than BRETT and FLOKI? Experts Still ...

Investors Ditch Dogecoin and Sei for MoonBag, the Top Crypto Presale Offering 88% APY

This Week Bitcoin and Ethereum Lost, These Altcoins Gained! Here are the Altcoins with the Most G...

Join our free newsletter for daily crypto updates!