The German government just moved more of its Bitcoin holdings onto crypto exchanges.
It looks like it is prepared to sell over $342 million worth of Bitcoin (BTC).
Will this sell off cause Bitcoin to dip further than the previous dip and set a new bottom?
The German government is at it once again as it prepares to sell more of its Bitcoin (BTC) holdings. Based on on-chain analytics the German government is preparing to offload an additional $342 million worth of BTC.
The crypto market experienced a brutal value dip in the previous two weeks due to immediate and simultaneous selling of Bitcoin (BTC). This sell off came from two entities, the German government and Mt. Gox.
In Mt. Gox’s case, the entity is trying to give back whatever funds it can scrape up to its users who lost their crypto holding when Mt. Gox tanked. Since this return in low BTC funds was a lot less than their original holdings, most users sold BTC as soon as they got the refund back. This contributed heavily to the previous brutal BTC dip.
Meanwhile, the German government was continuously selling its Bitcoin (BTC) for absolutely no particular reason. This led to a major dip in Bitcoin (BTC) price and also pushed market sentiment to fear and sell phases that hadn’t been seen since the FTX collapse.
As the market continued to dip the price of Bitcoin sank lower and lower taking altcoin prices down with it. In turn FUD began to seep into the market. A ray of hope came through as Founder of TRON Justin Sun stepped forward to propose a deal with the German government.
Justin Sun offered to buy all of Germany’s remaining Bitcoin funds directly to keep the crypto market from seeing more blood. Soon after, a representative of Germany came forth to implore the government to stop selling its Bitcoin holdings.
Soon after, the German government surprised the crypto community by buying $111 million of BTC. This move brought an end to the dip and the crypto market began to recover. Despite the roller coaster it caused, it looks like the German government is back at its selling game. How much will the crypto market dip towards this time?
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