BKA Initiates Sale of Seized 46,859 Bitcoins, Worth €2.8 Billion
The German Federal Criminal Police Office (BKA) has initiated the sale of its seized Bitcoin holdings, marking a significant development in the cryptocurrency market. The BKA currently possesses around 46,859 Bitcoins, valued at approximately 2.8 billion euros.
The BKA has started depositing its Bitcoins in batches of 500 on major exchanges such as Bitstamp, Coinbase, Kraken, and Bitcoin.de. As of now, the agency has around 3,100 Bitcoins on these exchanges, hypothetically worth about 175 million euros.
The Federal Ministry of Finance is responsible for selling the remaining 46,859 bitcoins held by the BKA. The BKA's Bitcoin sales coincide with the repayment of recovered Bitcoins by the trustee of Mt. Gox, which could create selling pressure and potentially dampen Bitcoin's price euphoria for the rest of the year.
The BKA has marked the seized Bitcoins on the public analysis platform Arkham Intelligence for tracking. This move allows for transparency and monitoring of the BKA's Bitcoin transactions.
The BKA's sale of its seized Bitcoin holdings signals a significant shift in the cryptocurrency market. With approximately 46,859 Bitcoins up for sale, worth about 2.8 billion euros, the BKA's actions could have a notable impact on Bitcoin's price and market sentiment. The BKA's use of major exchanges and public tracking platforms further underscores the growing integration of cryptocurrencies into mainstream financial systems.
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