💥$325 MILLION$ BITCOIN SOLD BY THE GERMAN GOVERNMENT 💥
Bitcoin recently experienced a 3.5% drop as the German government sold $325 million worth of BTC over two days. This sale is part of a larger plan to liquidate 50,000 BTC seized from the piracy site Movie2k.to in 2020. The German government's strategic selling approach has significantly influenced recent market fluctuations, contributing to Bitcoin's nearly 9% decline over the past two weeks.
Despite efforts to push Bitcoin's price above $66,000, the market has seen substantial liquidations of long positions, with around $150 million liquidated in the past 24 hours alone. However, the German government's decision to sell their Bitcoin using a DCA (dollar-cost averaging) method, rather than a large one-shot market sale, appears to be a wise move, preventing even more severe market disruptions.
Thank goodness my fellow Germans in the government didn’t opt for a big one-shot market sale; they seem wiser for selling it DCA style.
I wish they were more bullish and would hold it until it reaches at least $150k. I guess if they did that, they would be promoting Bitcoin too much. Haha!
