The government of Germany has been selling bitcoin worth hundreds of millions of dollars for weeks now, and this has played a significant role in the sharp sell-off of the cryptocurrency.
The Bundeskriminalamt, or BKA, as the country’s Federal Criminal Police Office is commonly known, is the wallet from which the German government started selling bitcoin last month.
The BKA sold 900 bitcoins in June, which was worth almost $52 million as of Monday.
The bitcoins were part of a large haul confiscated from a now-defunct movie piracy website. An extra 3,000 bitcoins, valued at almost $172 million, were sold by the government last week.
Then, on Monday, German police sold a further 2,739 bitcoins, valued a total of $155 million.
Source (CNBC)
