The cryptocurrency market has been seeing major bloodshed. After falling below $60,000, Bitcoin [BTC] reached a four-month low of $57,436.20. On the previous day, the asset suffered a decrease of 4.48%. Some blamed the German government’s BTC movement, while others connected this decline to the Mt. Gox debacle. Amidst this, Justin Sun of Tron said that he plans to purchase Bitcoin from the German government.
Sun wants to ease the market’s selling pressure. He mentioned that he is willing to negotiate with the German government in order to buy Bitcoin off-market. While it is uncertain if Germany would agree to this, Sun seems optimistic.
Several from the community went on to laud Sun for his intention. Crypto enthusiasts rushed to Justin Sun’s comment section and noted how he was “protecting retail better than the government.” A few others suggested that this was illegal and questioned Justin Sun’s net worth. Another part of the comment section urged him to buy BTC from Mt. Gox as well.
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How Much Bitcoin Does The German Government Hold?
According to data from Arkham, the German government continues to hold a staggering 40,359 BTC. This is worth about $2.3 billion. However, their portfolio worth has decreased significantly over the previous 24 hours, falling by $136.17 million, as a result of recent market moves. However, Bitcoin has not been the only asset sold off. The German government previously sent over 1,300 BTC to cryptocurrency exchanges like Coinbase, Kraken, and Bitstramp. QCP Capital reports read,
“Yet another day of heavy selling pressure, causing BTC to fall below the 60k support level and reaching lows of 57,875.”
The future of the Bitcoin market is unstable. But investors are hoping for no further drops.
Also Read: Bitcoin Dips Below $58K, Is It Time To ‘Buy the Dip?’