Bitcoin (BTC) spearheaded a rebound in the cryptocurrency market early Tuesday after a German government entity received over $200 million worth of BTC from various exchanges, boosting market sentiment.
During Asian morning hours, Bitcoin was trading slightly above $57,300, marking a 3.5% increase over the past 24 hours. Other major tokens also saw gains, with Solana (SOL) surging up to 6%, Ether (ETH) reclaiming levels above $3,000, and dogecoin (DOGE) rising nearly 7%.
The market had experienced a dip on Monday, dropping to lows around $55,000 after the German Federal Criminal Police Office (BKA) transferred over $900 million from one of its addresses to multiple addresses, causing concern among traders.
However, within the past 12 hours, data from Arkham indicated that the BKA received over $200 million from exchanges such as Kraken, Coinbase, and Bitstamp. This suggests that while the assets were initially sent to these platforms, they were not immediately liquidated on the market.
The BKA’s involvement with Bitcoin dates back to 2013 when it seized nearly 50,000 BTC from operators of the Movie2k.to piracy website, then valued at over $2 billion. In mid-January, following a ‘voluntary transfer’ by suspects, the BKA regained control of the asset, as previously reported.
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