[This is the number of Bitcoins sold in Germany so far]

Bitcoin recently plunged to a four-month low, down more than 25% since its all-time high of $73,135 on March 13, wiping out billions of dollars and sending the broader cryptocurrency market lower.

The downward trend was fueled by a massive sell-off and news that bankrupt cryptocurrency exchange Mt. Gox recently began paying back investors nearly $9 billion in Bitcoin. Only $84.9 million has been sent to Bitbank for repayment so far, and remaining creditors may have to wait up to three months to be repaid.

In addition, the German government, one of the world’s largest national holders of Bitcoin, appears to have begun selling Bitcoin, further exacerbating the selling pressure. The German government seized nearly 50,000 Bitcoins, worth about $10 million at the time, from the former operators of movie piracy website Movie2K in 2013, seized by Germany's Federal Criminal Police Office (BKA).

The sell-off began on June 26, when the German government sent 750 bitcoins, worth $46.3 million, to cryptocurrency exchanges including Coinbase, Bitsamp and Kraken, according to data from cryptocurrency transaction tracker Lookonchain. On July 1, the German government decided to sell off another 1,500 Bitcoins worth $94.7 million. There was another selloff on July 2nd of 832.7 Bitcoins worth $52 million. On July 4, the German government sold an additional 3,000 Bitcoins for a profit of $174 million. As of this writing, the most recent trade was on July 5, when 543 Bitcoins were sold for a profit of $30 million.

Over the past ten days, the German government sold a total of 6,625 Bitcoins for a total profit of $397 million, leaving 39,816 Bitcoin reserves worth $2.2 billion. Finbold first warned that the German government might begin selling off its Bitcoin holdings on June 21, when it had moved more than 1,700 Bitcoins worth $108 million.

#鴉快訊 $BTC