The German government’s Bitcoin holdings spiked by 9,000% in one day.
Bitcoiners trolled the government after it sold all Bitcoins in its wallet.
Bitcoin has climbed above $60K in a recovery move.
The German government’s Bitcoin holdings spiked by 9,000% in one day following multiple donations by crypto community members. The donations followed the conclusion of the Bitcoin government’s selloff exercise in compliance with standard practice for confiscated assets.
The German Government’s Bitcoin holdings have increased by 9000% in a day.Various Bitcoiners have donated a total of $171.92 to the German Government’s Bitcoin address, increasing their balance by 90x since yesterday ($1.87).The German Government currently holds 0.003 BTC… pic.twitter.com/rD1R0sQQib
— Arkham (@ArkhamIntel) July 13, 2024
Although several Bitcoiners donated to the Bitcoin wallet linked to the German government, the donations amounted to a mere $171.92. The Bitcoin community members embarked on the donations as a troll to the government after a protracted selloff that mounted significant bearish pressure on Bitcoin since the beginning of June.
The selloff ended last Friday, leaving only $1.87 worth of Bitcoin in the government’s wallet before the Bitcoiners started with the ridiculous donations. A post by Arkham Intelligence regarding the donations sparked hilarious reactions, with one user saying, “That headline almost gave me a heart attack.” Another user wrote, “Slow but steady accumulation.”
Meanwhile, Germany lost its status as one of the national governments holding the most Bitcoins after the Saxony state sold all 50,000 BTC confiscated from the operators of a popular privacy website. The state sold the Bitcoins despite appeals by several crypto proponents urging them not to sell the coins.
With the German government concluding its Bitcoin selling spree, the flagship cryptocurrency is recovering its bullish momentum. Bitcoin has climbed back above $60,000 after dropping as low as $53,550 at the peak of the selloff.
Bitcoin traded for $60,299 at the time of writing, reflecting a 12.66% recovery from the recent swing low. It climbed above the resistance region between $56,500 and $58,500, breaking out of the downward trendline formed by the recent collapse and showing signs of renewed upward momentum.
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