Germany will not let go of Bitcoin

It has been creating panic, are you scared?

The price of Bitcoin has been hit hard again, and the German government's selling has become a driving force.

Germany has sold millions of dollars of Bitcoin, exacerbating market turmoil. This round of plunge was also affected by multiple factors such as the outflow of funds from Bitcoin ETFs, unfavorable market conditions and the redistribution of Mt Gox BTC.

Since this month, the German government has sold several large-scale BTCs, with a total value of hundreds of millions of dollars.

Especially recently, the government has transferred thousands of BTC to exchanges, further suppressing the price of cryptocurrencies.

It is worth noting that the German government still holds a large number of BTC. Arkham data shows that its inventory is about 26,053, worth nearly $1.5 billion.

Despite this, the selling has not stopped, triggering criticism from MP Cotar, who advocates strategic holding rather than selling, and regards BTC as a strategic reserve asset.

The market reacted violently, with Bitcoin falling 8.71% in the week and more than 17% in the month. Analysts pointed out that in addition to government selling, large investors (whales) also sold more than 30,000 BTC in the past month, worth about $1.8 billion, which together pushed the price down to around $57,039.

Despite attempts to flow into Bitcoin ETFs, the market is still weak and it is difficult to break through the $60,000 mark. The current performance shows that the road to recovery is difficult.

Finally, if you are a pure novice and want to rush into the currency circle when you see BTC hit a record high before, then I suggest you pay attention to me first, learn the knowledge of the currency circle with me, and make up for your basic skills. Only by laying a solid foundation can you go further.

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