Crypto markets have experienced significant turmoil following news that the German government is preparing to liquidate a large amount of Bitcoin. Germany's Federal Criminal Police Office has seized approximately 50,000 Bitcoins, currently valued at over $3 billion, from a pirated website.

German authorities have reportedly begun transferring coins to exchanges and have sold approximately 3,000 Bitcoins in recent days. However, they still have 47,000 Bitcoins waiting to be sold.

The news that came to light a few days ago may have triggered Bitcoin's initial drop from $66,000 to $63,000, and then accelerated its decline to around $58,000 after breaking through the key technical support of $63,000.

The prospect of such a large amount of Bitcoin entering the market has understandably caused concern. For now, the German government appears to be taking cautious measures to minimize the impact on the market, but market anxiety remains. $BTC