German Government #Bitcoin   

address only holds over 13k. That is

76% less than its initial holding of

almost 50k.

Here are 5 THINGS you need to know...

1. Three weeks ago, the German

Government's Bitcoin address started

selling their $BTC.

Since then the price of BTC has tanked

from $65k to $53.5k, almost an 18%

decline.

Looks like they are not stopping.

2. The truth is it is not the German Government who is selling the bitcoin. It is a small state in the eastern part of the country called Saxony.

Earlier this year, Saxony's Criminal Police Office seized almost 50,000 BTC from Movie2k.to. The piracy website is found guilty of money laundering and other illegal activities.

3. Why sell the Bitcoin that was seized?

According to the CEO of the German-based Blockchain Research Lab "seized assets are always liquidated within a certain period."

He added that it is a routine business process.

4. Why does the wallet belong to Germany and not Saxony?

The police agency was involved in the initial investigation.

But it was the state who instructed the transfer and selling.

5. In most cases, seized assets can only be transferred or sold. But that isn't the case here.

The state can request or initiate an emergency sale if the asset is difficult to store or easily lose value.

And Bitcoin is highly volatile.

In summary, we can see why the German Government-labelled wallet is selling its BTC.

We can expect that all their holdings will be emptied soon unless no one else buying.

So the bleeding will not stop yet unless all their BTC get bought. Expect the price of Bitcoin to be trapped below $60k for a while