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Germany Officially Announced: Why Did It Sell Bitcoin and How Much Did It Earn?
The German government generated “unprecedented” amounts of revenue after emptying all Bitcoins from its wallets.
According to Germany's official statement, a total of $2.88 billion was obtained as a result of the "urgent sale" of approximately 50,000 Bitcoins.
Law enforcement carried out an operation in January against a group of German and Polish citizens suspected of running a pirated movie website and money laundering. The value of the Bitcoins seized as a result of the operation at that time was 2.1 billion dollars.
While the trial of the individuals was ongoing, the prosecutor's office said that "this proceeds do not yet constitute additional income for the State of Saxony" but that they would be confiscated until the case is completed.
Acted in a way that was “fair” to the market
A total of 49,858 Bitcoins were sold between June 19 and July 12, in cooperation with the Saxony Police, the Dresden Prosecutor's Office and the German trading company Bankhaus Scheich.
“The bank is mandated to sell these Bitcoins in a fair and light manner on behalf of the market,” the official statement said.
Couldn't wait for the price to rise
It was also stated that it was "irrelevant" what the market was like when these Bitcoins were sold, that it would be forbidden to wait for the Bitcoin price to rise further and that they should act "as quickly as possible".
According to the prosecutor's statement, authorities can make an "urgent sale" if they think the seized assets may lose 10 percent or more in value. “These conditions have always been valid for volatile Bitcoin due to the huge and extreme speed of price fluctuations,” the statement said.
Established selling pressure for three weeks
With the end of the German government's selling pressure, Bitcoin rebounded and returned to around $65,000.
The German government generated “unprecedented” amounts of revenue after emptying all Bitcoins from its wallets.
According to Germany's official statement, a total of $2.88 billion was obtained as a result of the "urgent sale" of approximately 50,000 Bitcoins.
Law enforcement carried out an operation in January against a group of German and Polish citizens suspected of running a pirated movie website and money laundering. The value of the Bitcoins seized as a result of the operation at that time was 2.1 billion dollars.
While the trial of the individuals was ongoing, the prosecutor's office said that "this proceeds do not yet constitute additional income for the State of Saxony" but that they would be confiscated until the case is completed.
Acted in a way that was “fair” to the market
A total of 49,858 Bitcoins were sold between June 19 and July 12, in cooperation with the Saxony Police, the Dresden Prosecutor's Office and the German trading company Bankhaus Scheich.
“The bank is mandated to sell these Bitcoins in a fair and light manner on behalf of the market,” the official statement said.
Couldn't wait for the price to rise
It was also stated that it was "irrelevant" what the market was like when these Bitcoins were sold, that it would be forbidden to wait for the Bitcoin price to rise further and that they should act "as quickly as possible".
According to the prosecutor's statement, authorities can make an "urgent sale" if they think the seized assets may lose 10 percent or more in value. “These conditions have always been valid for volatile Bitcoin due to the huge and extreme speed of price fluctuations,” the statement said.
Established selling pressure for three weeks
With the end of the German government's selling pressure, Bitcoin rebounded and returned to around $65,000.
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$NOT we are dead now!!! Enough! This decline causes people to commit suicide. Enough is enough without conscience.
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$NOT Oh God, please help us.. don't test us with poverty. Help us to lend money, give zakat and charity. Don't put us under a burden we can't handle. Protect us from war, hunger, disease, O Almighty Lord, help us, I beg you.
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Buy it when it drops
LIVEMrTeeOG
--
$NOT not coming slow.
Let's break down the analysis of the NOT/USDT perpetual contract chart step by step:
### 1. **Price and Volume Data**
- **Current Price:** $0.020116, up 19.45% in the last 24 hours.
- **24h High:** $0.021636
- **24h Low:** $0.016800
- **24h Volume (NOT):** 84.93B
- **24h Volume (USDT):** 1.64B
### 2. **Candlestick Chart and Indicators**
- **Timeframe:** 15 minutes
- **Bollinger Bands (BOLL):** The current price is near the upper Bollinger Band ($0.021260), suggesting potential overbought conditions.
- **Upper Band (UP):** 0.021260
- **Middle Band (MB):** 0.020502
- **Lower Band (DN):** 0.019624
### 3. **Moving Averages (MA)**
- **MA(5):** Yellow line, suggesting a short-term trend.
- **MA(10):** Purple line, representing a slightly longer trend.
- The moving averages indicate an uptrend as the shorter-term MAs are above the longer-term MAs.
### 4. **MACD (Moving Average Convergence Divergence)**
- **DIF:** 0.000181
- **DEA:** 0.000323
- **MACD Histogram:** -0.000142
- The MACD line is above the signal line (DEA), indicating bullish momentum, but the histogram shows decreasing momentum.
### 5. **RSI (Relative Strength Index)**
- **RSI(14):** 61.67
- The RSI is below the overbought threshold (70), indicating there is still room for upward movement before reaching overbought conditions.
### 6. **Volume Analysis**
- **Volume Spikes:** Significant volume spikes coincide with price increases, indicating strong buying interest during those periods.
### 7. **Order Book Sentiment**
- **Bid vs. Ask:** 39.22% bids vs. 60.78% asks
- The order book shows more sell orders than buy orders, which might indicate selling pressure if those orders get filled.
### Conclusion
- **Bullish Indicators:** The price is above the middle Bollinger Band and key moving averages, suggesting a continued uptrend.
- **Bearish Indicators:** High volume combined with a large number of asks and a slight decrease in MACD momentum could signal a potential pullback.
- **Actionable Insight:** If you're holding this asset, it might be wise to set a tight stop-loss
Let's break down the analysis of the NOT/USDT perpetual contract chart step by step:
### 1. **Price and Volume Data**
- **Current Price:** $0.020116, up 19.45% in the last 24 hours.
- **24h High:** $0.021636
- **24h Low:** $0.016800
- **24h Volume (NOT):** 84.93B
- **24h Volume (USDT):** 1.64B
### 2. **Candlestick Chart and Indicators**
- **Timeframe:** 15 minutes
- **Bollinger Bands (BOLL):** The current price is near the upper Bollinger Band ($0.021260), suggesting potential overbought conditions.
- **Upper Band (UP):** 0.021260
- **Middle Band (MB):** 0.020502
- **Lower Band (DN):** 0.019624
### 3. **Moving Averages (MA)**
- **MA(5):** Yellow line, suggesting a short-term trend.
- **MA(10):** Purple line, representing a slightly longer trend.
- The moving averages indicate an uptrend as the shorter-term MAs are above the longer-term MAs.
### 4. **MACD (Moving Average Convergence Divergence)**
- **DIF:** 0.000181
- **DEA:** 0.000323
- **MACD Histogram:** -0.000142
- The MACD line is above the signal line (DEA), indicating bullish momentum, but the histogram shows decreasing momentum.
### 5. **RSI (Relative Strength Index)**
- **RSI(14):** 61.67
- The RSI is below the overbought threshold (70), indicating there is still room for upward movement before reaching overbought conditions.
### 6. **Volume Analysis**
- **Volume Spikes:** Significant volume spikes coincide with price increases, indicating strong buying interest during those periods.
### 7. **Order Book Sentiment**
- **Bid vs. Ask:** 39.22% bids vs. 60.78% asks
- The order book shows more sell orders than buy orders, which might indicate selling pressure if those orders get filled.
### Conclusion
- **Bullish Indicators:** The price is above the middle Bollinger Band and key moving averages, suggesting a continued uptrend.
- **Bearish Indicators:** High volume combined with a large number of asks and a slight decrease in MACD momentum could signal a potential pullback.
- **Actionable Insight:** If you're holding this asset, it might be wise to set a tight stop-loss
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