The cryptocurrency market has seen major bloodshed. After falling below $60,000, Bitcoin [BTC] hit a four-month low of $57,436.20. The asset fell 4.48% the day before.
Some blamed the German government’s BTC move, while others linked the drop to the Mt. Gox disaster. In the meantime, Tron’s Justin Sun said he plans to buy Bitcoin from the German government.
Sun wants to ease the selling pressure in the market. He mentioned that he is willing to negotiate with the German government to buy Bitcoin off the market. Although it is uncertain whether Germany will agree, Sun seems optimistic.
I am willing to negotiate with the German government to purchase all BTC off-market in order to minimize the impact on the market.
— HE Justin Sun (@justinsuntron) July 4, 2024
Some in the community have praised Sun for his intentions. Cryptocurrency enthusiasts have flocked to Justin Sun’s comments section and note that he “protected retail better than the government.” Others called this illegal and questioned Justin Sun’s net worth. Another section of the comments section also urged him to buy BTC from Mt. Gox.
How much Bitcoin does the German government hold?
According to data From Arkham, the German government continues to hold a large amount of 40,359 BTC. This amount is worth approximately $2.3 billion. However, the value of their portfolio has dropped significantly in the past 24 hours, down $136.17 million, due to recent market volatility.
Bitcoin isn’t the only asset being sold off, however. The German government previously sent more than 1,300 BTC to cryptocurrency exchanges like Coinbase, Kraken, and Bitstramp, QCP Capital reported.
“Another day of strong selling pressure, BTC dropped below the 60k support and hit a low of 57,875.”
The future of the Bitcoin market is uncertain. But investors hope there will be no more price drops.
