Bitcoin Holds Steady Above $57,000 as German Government Entity Moves $360 Million Worth of BTC

Bitcoin (BTC) maintained its position above the $57,000 mark during the early hours of trading in the U.S. on Tuesday. A German government entity transferred an additional $360 million worth of Bitcoin to various exchanges, as reported by Arkham data.

The government entity moved 6,600 Bitcoin to crypto exchange Kraken, OTC service Cumberland, and another address identified by Arkham as an institutional trading service.

Earlier in the week, BTC experienced a dip to as low as $55,000 shortly after an address linked to the German Federal Criminal Police Office (BKA) sent over $900 million to different addresses, causing concern among traders.

However, it was revealed that the entity received over $200 million from Kraken, Coinbase, and Bitstamp in the early Asian morning hours. This indicated that while the assets were transferred to these exchanges, they did not enter the market.

The BKA had confiscated nearly 50,000 BTC in 2013 from the operators of Movie2k.to, a film piracy website. In mid-January, the suspects made a ‘voluntary transfer’ of the assets, returning them to the BKA.

According to the latest data, BKA’s wallet currently holds 40,000 BTC, valued at $1.3 billion at the current prices as of Tuesday.