Bitcoin (BTC) recently plummeted to a four-month low, losing over 25% from its peak of $73,135 on March 13, triggering a significant downturn in the crypto market.
At the time of writing, BTC is trading at $55,291, marking a 3.06% decline over the last 24 hours and increasing the weekly loss to 10.11%.
Since reaching its peak market capitalization of $1.4 trillion on March 13, Bitcoin’s market cap has contracted by $350 billion.
This downward trajectory has been exacerbated by substantial sell-offs and the ongoing process of recovering funds from the bankrupt Mt. Gox exchange, which is distributing nearly $9 billion in BTC to creditors.
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Here’s how much Bitcoin the German government has sold so far
Additionally, the German government has initiated a series of Bitcoin sales, liquidating a significant portion of holdings acquired in 2013 from the seizure of the Movie2K website operator. Recent transactions amount to a total of 6,625 BTC, generating profits of $397 million over ten days.
While initially causing market concerns, the narrative surrounding the cryptocurrency sales in Germany may not accurately reflect market impacts, as noted by developer Samson Mow, offering a nuanced assessment of the situation.
