Germany's $400M Bitcoin Trading, $111.5M Buyback Sparks Market Turbulence Amid Mt Gox Concerns

Jul 8, 2024, 01:03 AM

The German government has been actively trading Bitcoin, creating significant market turbulence. Initially, Germany sold approximately $400 million worth of Bitcoin, leading to a $50 billion reduction in Bitcoin's market cap. This sparked panic among investors, exacerbated by concerns over Mt. Gox repayments, which include Bitcoin and Bitcoin Cash. However, in a surprising turn, Germany bought back 1,915 BTC worth $111.5 million, and later purchased another $11 million worth. Despite these buybacks, Germany continues to hold a substantial amount of Bitcoin, valued at $2.2 billion, with 29,286 BTC remaining. The government's actions have led to ongoing market volatility, with Bitcoin prices fluctuating around $55,000 to $57,000. Additionally, a German lawmaker has urged the government to halt Bitcoin sales and consider adopting it as a strategic reserve asset. The sell-off began after Germany seized 49,857 BTC earlier this year.