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Bitcoin: German government sells seized BTC

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TL;DR Breakdown

  • German authorities rid themselves of seized Bitcoin by selling at a low price.
  • German auction a great deal with Bitcoin trading at over $63,000 today.

Tax agents in Germany have recently held a large auctionwhere Bitcoin confiscated for illegal acts were sold. This huge offering attracted several enthusiasts looking to buy crypto at a lower price.

According to official reports, these offers ranged from 42000 euros and were opened in the early hours of Monday, October 25. This massive cryptocurrencies sale represented one of the best opportunities for fans attached to investing with BTC.

Bitcoin auction trends in Germany

Bitcoin

One of the most valued cryptocurrencies in the decentralized market, Bitcoin has been one of the best investments in 2021. This cryptocurrency started the year with a price that did not exceed $35000, but over the months, it broke the standards reaching a record high of $61,500. However, its value decreased until a few days ago trade above $66,000.

This cryptocurrency has gone through a lot of trouble due to some malicious companies and people using it to scam. These illegal moves include a German company that stole from some clients offering financial services. But the national authorities apprehended the criminals and seized the Bitcoin they had stored in their wallets.

These holdings in Bitcoin were opened up to German enthusiasts to buy it at a low price. The agency reportedly sold each BTC for between $49,000 and $50,000, which was a great deal compared to the BTC’s price today.

This massive cryptocurrencies sale was held on a German auction platform. According to the authorities, all the money raised from the cryptocurrency sale will be stored in North-Rhine Westphalia, a federal state of Germany.

All seizures in crypto are auctioned

By national order, authorities in Germany must auction all cryptos, including Bitcoin. Other items such as helicopters, luxury cars, yachts, and computers should also be sold.

Cryptocurrencies fans are fascinated by these transparent policies in the country in Western Europe. This cryptos sale for a low cost allowed several users to enjoy virtual trading and its passive earnings.

For now, BTC is trading above $63,633 with a 6.41 percent rise in its price after 24 hours. Ethereum, which would be the number two crypto in the virtual market, is trading at $4,215 with a peak of 5.84 percent of its value in the last 24 hours, according to CoinMarketCap. This week looks promising for cryptos, which could reach new all-time highs in their price if the adoptions wave continues in Germany and other European countries.

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