Bitrabo Editorial
The German government decided to sell off all its 50,000 Bitcoin holdings, causing a significant drop in the crypto market. However, after the sell-offs were completed, the Bitcoin price and the market began to recover, surging by over 20%.
Value of German Government’s Bitcoin Holdings
Despite selling off its BTC at an average price of around $57,000, totaling approximately $3 billion, if the German government had not sold and held onto the coins, they would now be valued at around $3.27 billion, considering the current BTC price of $65,400.
This decision resulted in missing out on a potential $270 million in profit within a week, attracting criticism from German residents, including politician Jaona Cotar, who condemned the move on social media.
Bitcoin Market Rebounds
The German government’s sell-offs initially impacted the market negatively, but the subsequent rebound showcased Bitcoin’s resilience. The Bitcoin price rose from around $53,000 to $66,000, marking a 20% increase and shifting market sentiment from Extreme Fear to Greed.