Happycoin.club - The recent sale by the German government of 400 bitcoins worth about $95 million has caused unrest in the crypto community, especially since the authorities previously got rid of approximately 1,700 BTC, which significantly reduced the state's assets.
According to The Data Nerd, 100 BTC was deposited on Kraken, 100 BTC was deposited on Coinbase (NASDAQ:COIN), and 200 BTC went to Bitstamp. Additionally, 1,100 bitcoins were transferred to an unknown wallet called “139Po.”
Despite all the sales, there are now 44,692 BTC in the German government’s wallet, which at current market prices is equal to $2.8 billion.
However, one community member believes that such actions are a “terrible strategy” that will not increase GDP and, in principle, will not bring anything useful to the country.
In addition, it is believed that such sales, combined with other factors, have a negative impact on the price of Bitcoin. In particular, the community fears the July repayments to Mt.Gox creditors. However, analysts do not share this point of view.
Judging by the statistics, the Bitcoin market is quite resistant to the massive supply of coins to the market, quickly absorbing the available BTC. This year, the likelihood of sharp declines is further reduced by spot Bitcoin ETFs.