Altcoins Talks - Cryptocurrency Forum

Learning & News => News related to Crypto => Topic started by: sirty143 on July 13, 2024, 01:28:39 PM

Title: German Government Offloads 9,736 BTC in 20 Hours; Reserves Could Deplete Soon
Post by: sirty143 on July 13, 2024, 01:28:39 PM
German Government Offloads 9,736 BTC in 20 Hours; Reserves Could Deplete by Tomorrow

Over the course of nearly 20 hours, the German government has sold 9,736 BTC valued at $564.3 million. The government’s BTC wallet currently holds 13,110 BTC worth $767 million. See more for yourself here (https://news.bitcoin.com/german-government-offloads-9736-btc-in-20-hours-reserves-could-deplete-by-tomorrow).

Your opinion is greatly appreciated.

Title: Re: German Government Offloads 9,736 BTC in 20 Hours; Reserves Could Deplete by Tomo
Post by: Crwth on July 13, 2024, 01:37:26 PM
They still have a lot of BTC upon my research. The German Federal Criminal Police office has 3 billion left. It was from the operators of Movie2k.to site.

https://www.benzinga.com/markets/cryptocurrency/24/06/39419714/german-government-sells-195m-in-bitcoin-has-3b-left

I think we will see more dumping in the future. That's an enormous amount.
Title: Re: German Government Offloads 9,736 BTC in 20 Hours; Reserves Could Deplete by Tomo
Post by: robelneo on July 13, 2024, 02:07:26 PM
They don't have investment on these bitcoins, so they can sell and make profit from them. These are coming as a result of confiscation from money laundering companies so its not like they don't want Cryptocurrency, but it could have been better if the German government held on to it until they reached 6 digits but its already profit for them at whatever price they want to sell.
Title: Re: German Government Offloads 9,736 BTC in 20 Hours; Reserves Could Deplete by Tomo
Post by: Z-tight on July 13, 2024, 06:44:10 PM
According to Arkham intelligence, the German government no longer has any BTC in its reserves, they dumped ~ 50,000 BTC's, and i believe that is all the BTC's they have 'acquired' from assets they have seized in the past.
Quote from: robelneo on July 13, 2024, 02:07:26 PM
but it could have been better if the German government held on to it until they reached 6 digits but its already profit for them at whatever price they want to sell.
That is not what the German government cares about, they are not BTC investors and the coins they have is from assets seizures, it is not so much about storing it for profits. They were selling most of these coins in the OTC market, and it was a bad period for the price of BTC, i think now it will recover, except for Mt. Gox's reimbursements that is coming soon, that could also keep the price down.
Title: Re: German Government Offloads 9,736 BTC in 20 Hours; Reserves Could Deplete by Tomo
Post by: Charles-Tim on July 13, 2024, 10:20:50 PM
Quote from: Crwth on July 13, 2024, 01:37:26 PM
They still have a lot of BTC upon my research. The German Federal Criminal Police office has 3 billion left. It was from the operators of Movie2k.to site.

https://www.benzinga.com/markets/cryptocurrency/24/06/39419714/german-government-sells-195m-in-bitcoin-has-3b-left

I think we will see more dumping in the future. That's an enormous amount.
I am currently on a device that does not have VPN and my country do not allow us to access any sites that are exchanges. So I am not able to access this site presently. But I think this news is 3 days old. Why saying more dumping while reading 3 days old news?

It was said that bitcoin will fall below $50000 but it has not been like that. Just be expecting a strong resistance around that price if bitcoin fall down to that price again.
Title: Re: German Government Offloads 9,736 BTC in 20 Hours; Reserves Could Deplete by Tomo
Post by: Baofeng on July 14, 2024, 04:42:52 AM
Quote from: robelneo on July 13, 2024, 02:07:26 PM
If I'm not mistaken, majority of those Bitcoin has been seized around 2014, so even if they sell at today's price, they could have made good profits already and don't want to wait till the price goes into 6 digits.

In my view, the governmentn of Saxony, Germany made good money worth billions of dollars out of unloading their hoard of Bitcoin which came from seizures from illegal activities,,,and I would not use the term "profit" all because they never invested on Bitcoin in the first place and never put out capital expenditure towards the same. Of course, this is just a mundane matter and what is important for now is that this Germany Effect is now weaning and we are to face what can be with the MTGOX affairs which have not been fully resolved yet. I am hoping that in this month we can go beyond these things so that come August there can be a good level of recovery for the cryptocurrency industry though many are concerned because August is considered as a ghost month.





Title: Re: German Government Offloads 9,736 BTC in 20 Hours; Reserves Could Deplete by Tomo
Post by: Bobcrypto on July 14, 2024, 11:56:41 AM
The Btc market was able to absorb the sale pressure coming from the German government. I think the government might have predicted a big dump, or they needed some fund for urgently.
However, challenges will always be there for the government and the people, but it is not a wise idea to all your Btc at once  I just hope they knew that Bitcoin is very difficult to predict and they may regret selling all their BTC in near future.
Title: Re: German Government Offloads 9,736 BTC in 20 Hours; Reserves Could Deplete by Tomo
Post by: God Of Thunder on July 15, 2024, 07:57:25 AM
Yesterday, I was reading a post on Bitcointalk and then referred to an article that says, "It's Not Germany Selling Bitcoin. It's One of Its States and It Has No Choice"
It's not the country of Germany that's been selling millions of dollars worth of bitcoin, but a small German state called Saxony. The state confiscated almost 50,000 BTC in January and has been selling its holdings as per standard practice for assets seized during criminal investigations, an expert said.

So, we shouldn't blame Germany for selling Bitcoin.

https://www.coindesk.com/news-analysis/2024/07/09/its-not-germany-thats-selling-bitcoin-its-one-of-its-states-and-it-has-no-choice/
Title: Re: German Government Offloads 9,736 BTC in 20 Hours; Reserves Could Deplete by Tomo
Post by: hugeblack on July 15, 2024, 09:17:14 AM
Quote from: Learn Bitcoin on July 15, 2024, 07:57:25 AM
Yesterday, I was reading a post on Bitcointalk and then referred to an article that says, "It's Not Germany Selling Bitcoin. It's One of Its States and It Has No Choice"

What is the difference? it is Germany or a small state in it, in the end traders are looking for the impact of this news on the price, and given the return to 60k levels, the impact is very limited.
Personally, I see that the market is moving in the opposite direction. If you have several weeks of negative news without positive news, this is a strong buying indicator and vice versa.
Title: Re: German Government Offloads 9,736 BTC in 20 Hours; Reserves Could Deplete by Tomo
Post by: God Of Thunder on July 16, 2024, 07:13:34 AM
Quote from: hugeblack on July 15, 2024, 09:17:14 AM
Quote from: Learn Bitcoin on July 15, 2024, 07:57:25 AM
Yesterday, I was reading a post on Bitcointalk and then referred to an article that says, "It's Not Germany Selling Bitcoin. It's One of Its States and It Has No Choice"

What is the difference? it is Germany or a small state in it, in the end traders are looking for the impact of this news on the price, and given the return to 60k levels, the impact is very limited.

There is no difference, but there is a problem. People are actually blaming Germany for selling their Bitcoin, which should sell because it has no choice. Look at the quote again, where I bolded the part for you. If the state decides to sell Bitcoin because of the law they have, the Government has nothing to do except applaud what the states are doing.

The problem is that some of us started judging Germany, saying they are making the biggest mistakes in history, etc., without knowing the situation. All the companies that have Bitcoin will sell their Bitcoin at some point as well. I see that coming in a decade, and people will blame them as well.
Title: Re: German Government Offloads 9,736 BTC in 20 Hours; Reserves Could Deplete Soon
Post by: Charles-Tim on July 25, 2024, 05:17:31 AM
After the whole news of US moved bitcoin to exchanges, Germany moved bitcoin to exchanges and Mt. Gox bitcoin that are been distributed that made bitcoin to fall below $$53400, Bitcoin later rose to over $68400 after some days. Although the market still seem like not going higher as usual.
Title: Re: German Government Offloads 9,736 BTC in 20 Hours; Reserves Could Deplete Soon
Post by: God Of Thunder on July 25, 2024, 08:12:13 AM
Quote from: Charles-Tim on July 25, 2024, 05:17:31 AM
After the whole news of US moved bitcoin to exchanges, Germany moved bitcoin to exchanges and Mt. Gox bitcoin that are been distributed that made bitcoin to fall below $$53400, Bitcoin later rose to over $68400 after some days. Although the market still seem like not going higher as usual.

German Bitcoin selling is old news now. But yeah, it affected the market but fortunately, affected of German Bitcoin selling has ended already. Mt. Gox news entered to the market and now it's started to affect the market as well. Mt. Gox fund movement news is a week old already but we haven't seen any movement on the market. I thought we will start to go down trend again when I read the news first. But fortunately, I was proved wrong. But as we can see, the market started to move again and we are at 64K again. It seems we could break the 60K range again and I believe it will be good opportunity for investors to buy the dip again.