Cryptocurrency mogul Justin Sun has expressed his intention to buy a huge chunk of Bitcoin worth approximately $2.3 billion. Sun made this bold claim at a time when the cryptocurrency markets were witnessing a major panic, especially from the recent large-scale Bitcoin transactions conducted by the German government.
Governments seize illicit cryptocurrencies through various operations. They then periodically auction off these digital assets, thus introducing selling pressure into the market
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A famous investor intends to buy this digital currency for a huge amount!
Sarah Al-Otaibi
Author
Sarah Al-Otaibi
Published 04/07/2024, 17:24
A famous investor intends to buy this digital currency for a huge amount!
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Investing.com - Cryptocurrency mogul Justin Sun has expressed his intention to buy a huge chunk of Bitcoin worth approximately $2.3 billion. Sun made this bold claim at a time when the cryptocurrency markets were witnessing a major panic, especially from the recent large-scale Bitcoin transactions conducted by the German government.
Governments seize illicit cryptocurrencies through various operations. They then periodically auction off these digital assets, thus introducing selling pressure into the market.
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The German government transfers $174.3 million worth of Bitcoin
Over the past few weeks, the German government has been actively transferring its crypto assets. It transferred large amounts of Bitcoin to different wallets and platforms.
A recent blockchain data analysis by Arkham shows that just today, a German cryptocurrency wallet transferred 3,000 Bitcoin (BTC) worth approximately $174.3 million. The government distributed this bitcoin to several destinations, including major cryptocurrency exchanges such as Bitstamp, Kraken, and Coinbase.
These movements are part of a broader trend that began on June 19, in which the government transferred around 6,500 bitcoins, pushing the total value transferred past $425.49 million. The origins of these assets are likely linked to criminal enterprises.
Recent transactions have significantly affected the cryptocurrency market, creating waves of anxiety among investors and traders. In fact, the market's sensitivity to such large-scale actions became evident today as Bitcoin reached the $57,000 level for the first time in two months. This increase was exacerbated by an incident involving a crypto whale that sold $400 million worth of Bitcoin.
Amid this volatility, Justin Sun proposed buying the entire Bitcoin cache currently held by the German government, amounting to 40,359 BTC.
âI am willing to negotiate with the German government to buy all Bitcoin off the market in order to reduce the impact on the market,â Justin said.
Sun's strategy will likely stabilize the market by preventing widespread sell-offs on public exchanges, which could otherwise precipitate a sharp decline in Bitcoin prices. More than just a direct impact on prices, the move could ease panic among cryptocurrency investors.
