The German government has recently transferred bitcoins (BTC) valued at over $175 million to exchanges and currently holds 40,359 BTC, with a total value of approximately $2.3 billion, still marked on the blockchain.
**Background:**
The plunge of Bitcoin below $60,000 was attributed by analysts to the initiation of repayments by Mt. Gox, which triggered selling pressure, resulting in 90,000 people liquidating $220 million.
**Additional Context:**
The crypto community suffered heavy losses, with 100,000 people liquidating $260 million, vowing to ‘trade coins together in the next life’.
The German government has recently moved bitcoins valued at over $175 million to several cryptocurrency exchanges, including Coinbase, Kraken, and Bitstamp. This national-level selling pressure is considered one of the reasons for the continuous market downturn. German Bundestag member Joana Cotar has strongly criticized this decision, believing it will have a long-term negative impact on the stability of the cryptocurrency market.
**German MP: Consider the Strategic Significance of BTC**
In a series of tweets, German Bundestag member Joana Cotar strongly condemned the government’s recent large-scale sale of bitcoins. She believes that this move is counterproductive and compared it with the strategic perspective of the United States on Bitcoin.
Joana Cotar pointed out that in the United States, Bitcoin is regarded as a strategic reserve currency, while the German government’s sale appears shortsighted. She expressed her concerns to Saxony’s Minister-President Michael Kretschmer, Finance Minister Christian Lindner, and Federal Minister of Finance Olaf Scholz, urging them to reconsider this strategy.
It is understood that the sale of bitcoins by Germany originated from the investigation into the illegal movie streaming website Movie2k.to, during which approximately 50,000 bitcoins were seized, currently valued at over $3 billion.
According to blockchain intelligence company Arkham Information, in the past two days, the German government has transferred 1,300 BTC (about $76 million) to exchanges such as Kraken, Bitstamp, and Coinbase. They also moved 1,700 BTC (about $99 million) to address 139Po. These funds may be transferred to institutional services or over-the-counter (OTC) trading deposits. The German government still holds 40,359 BTC on the blockchain, with a total value of approximately $2.3 billion.
**Germany’s Government Holds Approximately $2.3 Billion in Bitcoin**
Sun Yuchen, the founder of Tron, announced on platform X that he is ready to purchase the remaining bitcoins from the German government. His proposal is to buy all the bitcoins held by the German government through OTC transactions, to minimize the impact of these bitcoins entering the market on the price.
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