Germany Seizes Bitcoins Amid Piracy Probe; Coinbase Sets Conversion Fees, Fidelity's Bitcoin ETF Gains Momentum
Summary:
German officials have seized roughly 50,000 bitcoins linked to a copyright infringement investigation, while US-based crypto exchange, Coinbase, plans to implement conversion fees for monthly trades above $75 million from February 5. Meanwhile, Fidelity's spot Bitcoin ETF has begun to see higher daily inflows compared to the outflows from GBTC, signalling a possible change in investing trends among Bitcoin ETFs.
German authorities have confiscated approximately 50,000 bitcoins (BTC) in connection with an investigation into copyright infringement that began in 2023. Simultaneously, crypto marketplace Coinbase announced it will commence charging conversion charges for monthly trades surpassing $75 million from February 5. In more news, Fidelity's Bitcoin ETF saw more daily funds coming in than were withdrawn from GBTC on January 29, potentially indicating changing attitudes towards newly launched Bitcoin ETFs.
In a more detailed account of the situation, German state officials confiscated nearly 50,000 BTC as part of a comprehensive probe into reported copyright breaches. On January 30, it was declared by Saxony's police force that two nationals from Germany and Poland had acquired the bitcoins using profits generated from selling pirated content and that the confiscated assets were valued at more than $2.1 billion. Authorities disclosed that the bitcoins were voluntarily transferred by the accused parties to police-controlled wallets, leaving the final decision on what to do with the bitcoins in the hands of the authorities.
Germany is not the sole nation that has confiscated Bitcoins. Glassnode data reveals that the United States has confiscated 210,429 BTC linked to varying criminal activities. In other news, Coinbase, the largest US-based cryptocurrency exchange, has implemented fees for conversions in excess of $75 million from USDC to USD. However, Tier 1 and Tier 2 members of the Coinbase Exchange Liquidity Program are exempted from these charges. Commencing from February 5, Coinbase will enforce a fee on USDC to USD net conversions if they exceed $75 million over a rolling 30-day period.
Lastly, data as of January 29 indicates that Fidelity's spot Bitcoin ETF pulled in $208 million in daily inflows, exceeding outflows from the Grayscale Bitcoin Trust. This achievement is significant since it's the first instance, excluding the day of its inception, where it has surpassed GBTC. However, it's important for investors to independently investigate and understand the inherent risks associated with each trading and investment decision.
Published At
1/30/2024 8:54:02 PM
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