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Bitcoin, Ether Reverse Losses as Germany Gets Back $200M BTC From Exchanges

Jul 8, 2024
    Solana’s SOL, Ether and other major tokens jumped as much as 7%.BKA received over $200 million from Kraken, Coinbase and Bitstamp.
As an analyst with several years of experience in the cryptocurrency market, I have witnessed numerous fluctuations and events that have shaped the industry’s landscape. The recent news of Bitcoin‘s (BTC) recovery and the surge in major tokens such as Solana’s SOL, Ether (ETH), and dogecoin (DOGE) is an interesting development that warrants closer scrutiny.Bitcoin (BTC) spearheaded cryptocurrency market recuperation on Tuesday following news that a German government agency recouped approximately $200 million worth of the digital currency from different exchanges during the late hours in the United States. This development rejuvenated investor confidence.
As a crypto investor, I’ve noticed Bitcoin trading at around $57,350 during the Asian morning hours with a 3.5% increase over the previous 24 hours. On the other hand, major tokens like Solana’s SOL experienced a significant surge of up to 6%. Ether (ETH) reclaimed the $3,000 mark, while dogecoin (DOGE) saw nearly a 7% growth.

On Monday, the price of Bitcoin dipped down to a minimum of $55,000 following a large transaction worth over $900 million from an address linked to the German Federal Criminal Police Office (BKA). This sudden move alarmed traders.

According to Arkham’s data, the entity received approximately $200 million from Kraken, Coinbase, and Bitstamp within the last 12 hours. However, it appears that these assets weren’t sold on the market despite being transferred to these exchanges.

As a financial analyst, I can rephrase that statement as follows: In early 2013, I observed that the German Federal Criminal Police Office (BKA) obtained approximately 50,000 Bitcoins, equivalent to over $2 billion in value at the time. This significant seizure came about following a voluntary transfer initiated by the administrators of Movie2k.to, an infamous film piracy website. Previous reports have confirmed this information.

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2024-07-09 09:12