In fact, German parliament member Joana Cotard has weighed in, calling on the German government to stop selling shares of its Bitcoin (BTC). Cotard instead encourages them to use it as a strategic reserve currency.

Meanwhile, another factor contributing to the ongoing dumping is that Mt. Got is finally starting to reimburse its users who previously lost funds due to the entity's inability to handle the load. Unfortunately, Mt. Gox can only get back a small portion of what their users previously held.

Thus, according to market data, it seems that the majority of these recovered holders are selling their returned BTC shares to compensate for the losses incurred during the incident. If this continues, Bitcoin (BTC) could end up in a bear market.

Currently, the cryptocurrency market continues to turn red as the sale of Bitcoins contributes to mass liquidations of cryptocurrencies. In turn, these liquidations mirror those that occurred during the FTX crash, the biggest crash since then. To clarify, $110 million was liquidated in the last 60 minutes.