Markets Bitcoin, Ether reverse losses as Germany gets back $200M BTC from exchanges
-
Solana's SOL, Ether and other major tokens jumped as much as 7%.
-
BKA received over $200 million from Kraken, Coinbase and Bitstamp.
Bitcoin (BTC) led a crypto market recovery early Tuesday as a German government entity received over $200 million worth of the asset back from various exchanges in late U.S. hours, helping revive sentiment.
Bitcoin was trading just over $57,300 in Asian morning hours, up 3.5% over the past 24 hours, while major tokens such as Solana’s SOL jumped as much as 6%. Ether (ETH) climbed back above $3,000, while dogecoin (DOGE) was up nearly 7%.
On Monday, 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.
But the entity received over $200 million from Kraken, Coinbase and Bitstamp back in the past 12 hours, Arkham data shows, indicating that while the assets were sent to these exchanges, they ultimately did not hit the market.
The BKA had seized almost 50,000 BTC in 2013, worth over $2 billion at the time, from the operators of Movie2k.to, a film piracy website. It received the asset in mid-January after a ‘voluntary transfer’ from the suspects, as previously reported.
Author
CoinDesk Analysis Team
CoinDesk
CoinDesk is the media platform for the next generation of investors exploring how cryptocurrencies and digital assets are contributing to the evolution of the global financial system.
