Rekhmirdrakeimcl
@rekhmirdrakeimcl
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The German government entity has moved hundreds of millions worth of BTC to exchanges in the past few weeks, contributing to selling pressure and bearish sentiment. Bitcoin (BTC) held steady above the $57,000 mark in early U.S. hours Tuesday even as a German government entity moved an additional $360 million worth of the asset to various exchanges, Arkham data shows.
The government moved 6,600 bitcoin to crypto exchange Kraken, OTC service Cumberland and another address considered by Arkham to be an institutional trading service. Earlier in the week, BTC dropped to as low as $55,000 shortly after an address belonging to the German Federal Criminal Police Office (BKA) sent over $900 million to various addresses, spooking traders. However, the entity received over $200 million from Kraken, Coinbase and Bitstamp back in early Asian morning hours, indicating that while the assets were sent to these exchanges, they ultimately did not hit the market. 0 reply
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A campaign fund of this size makes crypto one of the most influential players this election cycle.
Former President Donald “Trump’s acceptance and embrace of crypto is in stark contrast with the overwhelmingly regressive approach to crypto taken by the Biden administration and the wider Democratic Party, which has constantly attacked the industry, in most cases unfairly,” Edward Wilson, an analyst at the blockchain company Nansen, told The Post.
“It is likely that the issue of crypto will influence and may even swing the election. That’s because many US-based crypto supporters place crypto as a key issue for them and are fed up with the approach of going after good actors in the space, like Coinbase and Uniswap, while also preventing access to products and airdrops, while other countries thrive, taking the industry offshore with them. Based on this, it is likely that the Republicans will receive significantly more in crypto donations — but how much is hard to determine — than the Democrats.” 0 reply
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