CoinDesk reports:
The cryptocurrency market has been experiencing significant bloodshed. Bitcoin (BTC) fell to a four-month low of $57,436.20 after dropping below $60,000. The asset had declined by 4.48% the previous day. Some attribute this decline to actions by the German government concerning BTC, while others connect it to the collapse of Mt.Gox. Meanwhile, Justin Sun of Tron announced plans to purchase Bitcoin from the German government.
Sun aims to alleviate selling pressure in the market. He expressed willingness to negotiate with the German government for off-market BTC purchases. Although it’s uncertain if Germany will agree, Sun appears optimistic.
Some in the community continue to praise Sun’s intentions. Crypto enthusiasts flocked to Justin Sun’s comments, noting how he is “better protecting retail than the government.” Others deem this move illegal and question Justin Sun’s net worth. Meanwhile, some comments urge him to also purchase BTC from Mt.Gox.
Also Read: Cryptocurrency: 3 Trend Coins to Buy Before Bitcoin Hits $75,000
How Much Bitcoin Does the German Government Hold?
According to Arkham’s data, the German government continues to hold 40,359 BTC, valued at approximately $2.3 billion. However, due to recent market fluctuations, their portfolio’s value dropped significantly by $136.17 million over the past 24 hours. Bitcoin isn’t the only asset being sold off. The German government previously transferred over 1,300 BTC to cryptocurrency exchanges like Coinbase, Kraken, and Bitstamp. QCP Capital reported:
“Another day of heavy selling pressure causing BTC to break below the 600k support level, falling to a low of 57,875.”
The future of the Bitcoin market remains uncertain. Investors hope prices will not further decline.
Also Read: Bitcoin Falls Below $58,000: Is It Time to ‘Buy’?
