During the last month, the German federal state of Saxony brought almost 50 thousand bitcoins (about $2.8 billion) to the market, which negatively affected the crypto market. These assets were seized during a criminal case against the pirate site Movie2k.
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Why Saxony is selling off bitcoins< /h3>
These transactions are related to the requirements of German legislation, which provides for a standard implementation procedure for assets confiscated during criminal investigations.
Starting from June 19, certain volumes began to be withdrawn from wallets to various crypto exchanges, which were too large, which prompted some platforms to return bitcoins back.
In total, 50 thousand bitcoins were seized during the criminal case. Transfers were sent to Bitstamp, Kraken and Coinbase and other exchanges.
Pressure on bulls
The withdrawal of large volumes each time influenced the price of Bitcoin, which in recent days has not been able to cross the $60 mark thousand
At the time of writing the news, about $300 million remained in the accounts of the state of Saxony.
- Bitcoin Cryptocurrency