Bitcoin (BTC) recently plummeted to a four-month low, dropping over 13% from its peak of $73,135 on May 25th, triggering a significant decline in the cryptocurrency market.
At the time of writing, the BTC trading price is $55,291, marking a 24% drop in the past 3.06 hours and continuing a weekly decline of 10.11%.
Since reaching a historic high of $1.4 trillion on April 13th, Bitcoin has shed $35 billion in value. Intense selling pressure and ongoing processes have exacerbated this downward trend.
The recovery of funds from the bankrupt Mt. Gox has distributed nearly $900 million in BTC to creditors.
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How much Bitcoin has the German government sold so far?
Furthermore, the German government has started a series of Bitcoin sales, liquidating a significant portion of assets obtained from the seizure of the Movie2K website operator in 2013. The recent total trade volume is 6,625 BTC, generating profits of $3.97 billion within ten days.
As developer Samson Mou pointed out, while initially causing market concerns, the narrative around Germany’s sale of cryptocurrencies may not accurately reflect market impact, providing an incomplete assessment of the situation.
