On July 4, the cryptocurrency market was thrown into further chaos as Mt. Gox prepared to distribute about $8 billion worth of Bitcoin (BTC). Despite the imminent crisis at Mt. Gox, the German government continued to sell its BTC holdings.
That day, the German government transferred 3,000 BTC and sold 1,300 BTC to Bitstamp, Coinbase, and Kraken for a total of more than $78 million, further disrupting the market.
In the subsequent market turmoil, TRON founder Justin Sun proposed to buy all BTC held by the German government from the market to mitigate the impact.
"I am willing to negotiate with the German government to purchase all BTC off-market to minimize the impact on the market."
According to Arkham Intelligence, the German government still holds 403,000 BTC (worth $2.3 billion), but it is unclear whether Justin Sun's proposal is legal and may not be effective in curbing the continued market plunge.
In addition to the German government, three other BTC big holders sold BTC on July 4, dragging it to $57,000. Spot On Chain data shows that the U.S. government also transferred $13.67 million worth of BTC and holds $12.3 billion in BTC.
In addition, two unidentified large wallets sold more than 4,500 BTC worth nearly $270 million, further exacerbating the selling pressure. Crypto market commentator Samson Mow criticized the decision of the German and U.S. governments to sell BTC directly to exchanges.
"Imagine selling the most difficult form of currency to cash out in history... Finally, imagine selling at market price, driving down the price, then you get even less."
BTC's drop to the $57,000 level caused more than 65% of BTC addresses to suffer losses, especially those users who bought between $486,000 and $659,000. The sell-off also liquidated $113 million worth of BTC positions, and longs incurred nearly $100 million in losses in the past 24 hours.
#BTC☀ #比特币走势分析 #孙宇晨 #德国政府转移比特币 #ASI代币合并计划
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