The government of Germany has transferred an additional 3000 Bitcoins (BTC), boosting the total value in the last 24 hours.
Within the last hour, the German government has transmitted more than 3,000 Bitcoin, bringing the total BTC volume over the past 24 hours to a five-figure sum.
The transactions persist in the Bitcoin sell-off trend initiated by the German government last week, despite the imploring of parliamentary members, including the German lawmaker and BTC activist Joana Cotar, to “refrain” from doing so.
Cotar implored the government to cease its “hurried disposal of state-owned Bitcoin” and instead implement a “strategic reserve currency” to protect itself from the pitfalls of the conventional system.
A volume exceeding 1,000 BTC was transacted
yThe German government has experienced a total combined inflow and outflow of over 6,000 BTC in the past 24 hours, with over half of this amount transferred from the wallet.
The address currently holds 35,488 BTC, valued at over $2 billion, and has received 4,340 BTC throughout the day. Of this amount, over 3,000 BTC have been transferred to exchanges or unverified addresses.
German BTC political disagreement
On July 4, Cotar submitted a statement to the German government in which she advocated for the retention of BTC to diversify the country’s treasury assets, foster innovation, and hedge against inflation.
Even though the government sold an additional $172 million later that day, the lawmaker characterized the decision to sell off its BTC holdings as “not only not sensible, but counterproductive.”
At the time, the wallet contained more than 42,200 BTC, valued at $2.4 billion. However, these values have decreased to over 35,400 BTC and $2 billion, respectively.
The pressure to sell at Mt. Gox
The ongoing market sell pressure has been further exacerbated by the recent announcement by the defunct crypto exchange Mt. Gox that it will commence repayment of its BTC and Bitcoin Cash debts.
Repayments would commence “by the Rehabilitation Plan,” according to Nobuaki Kobayashi, the Trustee of the Mt. Gox repayments procedure, in an official release.
According to a post by MtGoxBalanceBot on X, the Trustee’s known addresses held over 94,400 BTC, with over 47,000 of that amount being transferred at the time.