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.
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%
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
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