$150 Million Shift in Crypto by German & U.S. authorities

Introduction

The recent couple of days was filled with juicy stories regarding major actions of the German and U.S. authorities connected with Bitcoin and Ether, respectively. Specifically, on July 1st, Germany shifted 1,500 Bitcoin worth of about $95 million, and the U. S. shifted 3,375 Ether worth of $11. 75 million. Such measures have raised lots of concern by interested parties with regard to their consequences.

Germany’s Bitcoin Transfers

Germany was in the news for big value transactions in bitcoins. Within the past fortnight, German Government has transacted 2,700 Bitcoins with various exchanges including Bitstamp; Coinbase; and Kraken, relying on data from Arkham Intelligence. This is the 1,500 BTC moved on July 1, 400 BTC to major exchanges and 750 BTC on June 26. The government at the moment owns 44,692 Bitcoins which have an approximate value of $2. 82 billion.

Ether moves of U. S. Government

The U. S. government has also gotten involved especially to Ether, partly due to its affiliation with ConsenSys. Data from Arkham Intelligence shows that the U. S government has reportedly transferred it’s $11. $204,750 sent from an otherwise unrelated wallet to another through the exchange to finally transfer 75 million in ETH. This touches an earlier move of 11. On June 30, kept 84 BTC worth approximately $743,000 in EUR and SEK in an account obtained from Estonian crypto bosses Potapenko and Turogin.

Analysis and Implications

Such movements indicate that both governments are probably forming a general direction in managing their crypto assets. German transfers might suggest the country is seeking to sell Bitcoins in popular exchanges. On the other hand, pointing Ether in an unknown wallet is just an example of what the U. S. government is likely to do in terms of new approaches to handling the seized money.

In addition, the European Union’s new regulation – Markets in Crypto-Assets Regulation (MiCA) which has been recently adopted may impact Germany’s approaches to cryptocurrencies. Because MiCA will affect the stablecoins and the crypto asset services greatly, this might shift how governments manage their crypto assets even further.

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