Crypto News

Tron’s Justin Sun Ready to Negotiate With German Govt. on Bitcoin Sales

Tron founder Justin Sun has publicly offered to negotiate with the German government to purchase all of its Bitcoin holdings through off-market transactions to minimize market impact.

Published by

Bhushan Akolkar

Published 04 Jul, 2024 | 12:48:54 PM UTC

Tron’s Justin Sun Ready to Negotiate With German Govt. on Bitcoin Sales

Highlights

Tron founder Justin Sun offers to purchase all of German government's Bitcoins.
Sun has proposed an off-market transactions that would minimize the disruption in the market.
German government sold an additional 1300 Bitcoins earlier today bringing its holding down to 40,359 BTC.

Over the last two weeks, the German government has been constantly selling its Bitcoin holdings which is partly the reason behind the recent Bitcoin selling pressure. The Bitcoin price has tanked 4.5% further slipping all the way to the $57,500 level. As the BTC correction continues to bleed investors’ portfolios, Tron’s Justin Sun has come up with an offer for the German government.

Justin Sun Makes New Offer to the German Government

In his latest tweet on X platform, Justin Sun expressed willingness to engage in negotiations with the German government to acquire all of their Bitcoin holdings off-market. This proposal from Sun aims to minimize the market disruptions that could arise from further sale of BTC by the German government.

Sun’s initiative underscores efforts to prevent substantial price volatility in the cryptocurrency market. Discussions are anticipated to explore terms that could facilitate a smooth transfer of the government’s BTC holdings to private hands, potentially affecting market dynamics.

I am willing to negotiate with the German government to purchase all BTC off-market in order to minimize the impact on the market.

— H.E. Justin Sun 孙宇晨 (@justinsuntron) July 4, 2024

Earlier today, the German government dumped an additional 1300 BTC to three crypto exchanges – Kraken, Coinbase, and Bitstamp. In the last 15 days, the government has dumped almost 9,641 Bitcoins bringing its total holdings to now at 40,359 BTC. This means that the government has eroded 18% of its Bitcoin holdings.

However, the German government hasn’t come up with an official statement yet explaining the reason behind the sale. If the government continues selling at this pace, it may exhaust all of its BTC holdings by the end of September.

Also Read: German Government Sells 832 BTC, Reducing Bitcoin Holdings by 13%

Bitcoin Liquidations

The recent Bitcoin price crash has led to strong liquidations in the market. As per the data from Coinglass, nearly $300 million have been liquidated in the past 24 hours. Of these $255 million liquidations happened in BTC long positions and $37 million in BTC short positions.

In the latest development, crypto exchange Mt. Gox has activated its wallet as it begins the $9 billion payout to creditors in Bitcoin and BCH.

Also Read: JPMorgan & CoinShares Predict Bitcoin Shake-Up From Mt. Gox $9B Payout

Bhushan Akolkar

Bhushan is a seasoned crypto writer with over eight years of experience spanning more than 10,000 contributions across multiple platforms like CoinGape, CoinSpeaker, Bitcoinist, Crypto News Flash, and others. Being a Fintech enthusiast, he loves reporting across Crypto, Blockchain, DeFi, Global Macros with a keen understanding in financial markets.   He is committed to continuous learning and stays motivated by sharing the knowledge he acquires. In his free time, Bhushan enjoys reading thriller fiction novels and occasionally explores his culinary skills. Bhushan has a bachelors degree in electronics engineering, however, his interest in finance and economics drives him to crypto and blockchain.

Published by

Bhushan Akolkar

Published 04 Jul, 2024 | 12:48:54 PM

Why trust CoinGape: CoinGape has covered the cryptocurrency industry since 2017, aiming to provide informative insights to our readers. Our journalists and analysts bring years of experience in market analysis and blockchain technology to ensure factual accuracy and balanced reporting. By following our Editorial Policy, our writers verify every source, fact-check each story, rely on reputable sources, and attribute quotes and media correctly. We also follow a rigorous Review Methodology when evaluating exchanges and tools. From emerging blockchain projects and coin launches to industry events and technical developments, we cover all facets of the digital asset space with unwavering commitment to timely, relevant information.

Investment disclaimer: The content reflects the author’s personal views and current market conditions. Please conduct your own research before investing in cryptocurrencies, as neither the author nor the publication is responsible for any financial losses.

Ad Disclosure: This site may feature sponsored content and affiliate links. All advertisements are clearly labeled, and ad partners have no influence over our editorial content.