Bitrabo Editorial
After an extended period of selloffs, the German government has nearly exhausted its Bitcoin reserves, causing turmoil among crypto investors. Originating from the operations of the defunct pirated movie website Movie2K in 2013, the assets seized in January 2024 amounted to around 50,000 BTC.
The value of these assets surged from less than $50 million in 2013 to over $2.5 billion before the recent sales, with over 40,000 BTC sold off in the past month alone, leaving less than 5,000 BTC remaining.
Germany’s Potential End to Selloffs
The responsibility for the significant Bitcoin sales lies with the Saxony state in Germany, causing an uproar in the market and impacting Bitcoin’s price. Recent data suggests that the selloffs may be nearing their conclusion, offering relief to the market.
With over 43,000 BTC already sold and a remaining stash worth $394.43 million, the selling pressure is expected to diminish as the German state’s Bitcoin reserves dwindle.
Future Prospects for Bitcoin
With Bitcoin currently priced at $57,195 and showing a 5.73% increase over a week, the market seems to be absorbing the impact of the selloffs well. Despite the sizable amount of BTC sold, the overall market cap of Bitcoin remains immense, according to industry experts.
While Germany reduces its Bitcoin holdings, El Salvador is capitalizing on the selloffs to accumulate more Bitcoin assets.
While Germany is selling their #Bitcoin, El Salvador is buying more Bitcoin every day
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— Bitcoin Magazine (@BitcoinMagazine) July 11, 2024