- The German government came out with a statement on big Bitcoin sale
- It admitted it was behind the large 50,000 Bitcoin selloff
- The price of Bitcoin kicked off the week at $68,000 per token
German Government Takes Responsibility for 50,000 Bitcoin Sale
The German government admitted it participated in the sale of just under 50,000 Bitcoin tokens linked to the movie2k case. German authorities released a written paper, explaining how the sale went according to the Code of Criminal Procedure.
The move was labeled as “emergency sale” and was conducted at market prices, meaning that there wasn’t any special sale plan that would make sure the offloading won’t affect trading volumes or weigh on the floating market price.
Sale Conducted at Current Market Prices
A total of 50,000 Bitcoin at current market prices is equal to more than $3.3 billion. In other words, a gargantuan amount of Bitcoin was sold by the German government.
What’s the price of Bitcoin doing right now? Presently, the orange token is going for about $67,000 per token. Earlier on Monday, one Bitcoin was changing hands for about $68,000 as crypto markets were feeling optimistic to start weekly trading.
Bright Future, According to Analysts
Analysts and economists remain convinced that the digital asset space is moving in the right direction. It’s been a monumental year so far for the crypto space with the launch of the first US-based spot Bitcoin exchange-traded funds.
Market Jitters from the US Political Scene
Further, a new Presidency is looming and Republican nominee Donald Trump is so far cast as the winner, potentially against current Vice President Kamala Harris. She is likely to take Joe Biden’s place as the Democratic nominee after the current US President withdrew from the race, following continuous pressure from his party and his party’s donors.
To this end, Donald Trump’s crypto agenda has been regarded as highly beneficial to the broad digital asset industry and its many communities, especially those in the US. Trump is getting ready to speak at the July 27 Bitcoin 2024 conference and his remarks will be closely followed by market watchers and trading enthusiasts.
