💥 German Government Sells $325 Million Worth of Bitcoin 💥
Bitcoin recently dropped 3.5% after the German government sold $325 million worth of BTC over two days. This sale is part of a plan to liquidate 50,000 BTC seized from the piracy site Movie2k.to in 2020. The German government's strategic selling has significantly influenced recent market fluctuations, contributing to Bitcoin's nearly 9% decline over the past two weeks.
Efforts to push Bitcoin's price above $66,000 have faced challenges, with substantial liquidations of long positions, including around $150 million in the past 24 hours. However, the German government's decision to sell their Bitcoin using a dollar-cost averaging (DCA) method, rather than a large one-time sale, has helped mitigate more severe market disruptions.
I'm relieved that the German government chose a DCA approach instead of a large one-time sale; it seems like a wiser strategy. I wish they were more bullish and held onto it until it reached at least $150K. But perhaps they didn't want to over-promote Bitcoin. Haha!
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