Early Tuesday’s crypto market rally, led by Bitcoin soaring to around $57,300, was sparked by a German government body reclaiming more than $200 million worth of BTC from multiple exchanges during late U.S. trading hours—this move breathed new life into investor confidence.
Over the past 24 hours, Bitcoin surged approximately 3.5%, trading just above $57,300 in Asia’s morning session. Other key altcoins followed suit: Solana’s SOL surged up to 6%, Ether climbed back past the $3,000 mark, and Dogecoin ticked upward nearly 7%, hitting $0.2404.
Market Jitters and Sudden Fluctuations
The previous day saw Bitcoin dip as low as $55,000, triggered by the German Federal Criminal Police Office (BKA) moving over $900 million in BTC to various wallets—an action that rattled traders and stirred unease across markets.
Yet, in a twist, Arkham intelligence confirms that within the last 12 hours, the BKA recovered more than $200 million from major platforms like Kraken, Coinbase, and Bitstamp. These funds were transferred back to exchanges but crucially did not flood the open market—mitigating potential downward pressure.
Historical Context Behind the Seizure
Back in 2013, the BKA confiscated a staggering haul of nearly 50,000 BTC, valued at over $2 billion by today’s standards, from Movie2k.to operators, a notorious piracy website. This bounty became official possession following a ‘voluntary transfer’ from the accused parties in mid-January, as documented earlier.
Quick Facts:
- The 50,000 BTC seizure remains one of the largest government confiscations of cryptocurrency to date.
- Bitcoin’s price back in 2013 hovered around $13 per coin, highlighting exponential value growth since then.
- The recent transfer of $900 million BTC by BKA sent ripples across global crypto markets before partial reversal.
