US Government Transfers Bitcoin to Coinbase
The US government has sent $240 million worth of Bitcoin (BTC) to Coinbase Prime. This raises concerns that the government may be selling its BTC holdings, adding to the downward pressure on the cryptocurrency. The BTC was seized from a narcotics trafficker and is part of a larger amount of BTC seized from the Silk Road marketplace.
German Government Transfers Bitcoin to Exchanges
Similarly, the German government has transferred 125 BTC to Kraken and Bitstamp, and 400 BTC to Kraken and Coinbase. It also moved 1,000 BTC to an unknown address, possibly another crypto exchange.
Bitcoin Miners Contribute to Selling Pressure
BTC miners have sold 30,000 BTC this month, contributing to the decline in Bitcoin’s price.
El Salvador Accumulates Bitcoin
In contrast to the US and German governments, El Salvador continues to accumulate BTC. The country has adopted Bitcoin as legal tender and has purchased 1 BTC every day since November 2022. El Salvador currently holds 5,794 BTC and plans to create a Bitcoin bank to attract foreign investors.
