Germany Dumps Bitcoin: Bye-Bye Billions!

In a wild turn of events, Germany has been unloading Bitcoin faster than you can say "HODL." Over the past month, the German government sold off a whopping 80% of its Bitcoin stash, causing some serious ripples in the crypto pond.

Here's the scoop: The German Federal Criminal Police Office, also known as the Bundeskriminalamt (BKA), started selling seized Bitcoin from a now-defunct movie piracy site. First, they sold 900 BTC in June for $52 million. Not stopping there, they offloaded another 3,000 BTC for $172 million and then sold 2,739 BTC for $155 million this week. But wait, there's more! Just this Wednesday, they sold over 5,000 BTC, leaving them with only 15,552 BTC worth around $892 million.

You'd think this massive sell-off would sink Bitcoin, but no! The price stayed above the crucial support level of $50,000, thanks to some big players stepping in. BlackRock, the giant asset manager, saw this as a golden buying opportunity. They swooped in and bought 2,095 BTC worth $121.16 million, bringing their total to 312,565 BTC valued at a cool $18.08 billion.

Despite Germany's Bitcoin dump, the cryptocurrency has shown its resilience. It’s trading at $57,430, barely budging from Tuesday's price, though it's still down 22% from its mid-March all-time high of $73,700.

So, while Germany says "Auf Wiedersehen" to their Bitcoin, investors like BlackRock are saying "Hello, profits!" Who knew crypto could be this exciting?

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