Germany sells 50 000 BTC worth $3 billion?

[Lucius]

@pakhitheboss, every time a government sells BTC it shows what hypocrites they really are - on the one hand, they do everything to discourage people from investing in BTC, but they have nothing against profiting from it themselves. If BTC bothers them so much, why don't they just burn the private keys? Of course, there is a "small problem" because that would only increase the price of other coins on the market

[pakhitheboss]

This Mt Gox news is causing panic selling of Bitcoin in the market. After 2 months today, Bitcoin fell below $59K which was not expected. I was expecting selling pressure from the victims of the hack after they started receiving their Bitcoin. Too many negative news are causing Bitcoin prices to go down from last month. I am expecting the market to over react more when the first trench of Bitcoins will be send to the viticms.

[Stompix]

This Mt Gox news is causing panic selling of Bitcoin in the market. After 2 months today, Bitcoin fell below $59K which was not expected. I was expecting selling pressure from the victims of the hack after they started receiving their Bitcoin.

Actually, this is about Germany 50 000 BTC, and the worst part is
- we have crashed to 57k without anything really bad happening
- MtGox coins have not moved and according to the latest releases it will take at least 30 days for both exchanges to clear the sums received from the trustee, so no selling for a month
- Germany has not moved out of their main address more than 11 000 BTC (so 1/5) and even those can't be completely considered sold.

So we lost 10% on at most 1/20 of the coins that will be for sell in one month maybe being put on the market

[Faisal2202]

AFAIK, actual selling has not been confirmed.

Now it's confirmed haha, sorry I was late to reply to you, as I had so many pending replies to give other members it's hard to manage all of them, I have to bookmark each now I am replying to them as soon as possible.

[NotATether]

Mt. Gox to Begin Repayments in July; BTC Slides Under $61K. Well! Bitcoin has shown some recovery today and is now trading above $61k. Next month when the repayment starts we may see Bitcoin going below $59k. Mt. Gox is supposed to return 140,000  and if it does then those who will receive them will not hold as most of them will sell them in the current market price.

The big boys are dumping their coins!

The only way this could get worse (or funnier, depending on how you look at this) is if the FBI suddenly decides to dump their coins too.

Oh wait, they already have! https://www.gsaauctions.gov/auctions/home

The above site is owned by the feds where they auction all their seized stuff.

They even auction bitcoins too: https://www.gsaauctions.gov/auctions/auctions-list?page=1&size=50&searchType=ALL_WORDS&searchText=bitcoin&status=closed&advanced=false

There are no active crypto auctions right now, somebody must have bought them all up. Good for them if they did, since this site sells stuff at steep discounts because the Feds, as we all know, are only interest in cash.

[Lucius]

It seems that the German government has discovered the benefits of crypto trading (if we can call it that). According to the information that appeared, Germany bought a little less than 2000 BTC, and with all the inflows and outflows, it seems that they now own about 40 000 BTC. The game continues...

In a surprising reversal, the German government, known for the recent large-scale Bitcoin sell-offs, has just bought back a significant amount of the BTC. Data from Arkham Intelligence reveals a purchase of 1,915 BTC, worth $111.5 million, from major exchanges Kraken, Bitstamp, and Coinbase. --- Amid the inflows and outflows, the government wallet now holds 40,526 BTC worth over $2.29 billion.

[SamReomo]

Now it's confirmed

Yes, it's confirmed and I'm quite sure they'll keep selling more of their Bitcoin holdings next month or maybe in this month.

They were doing it aggressively before but now the German government will do it by following a good strategy.

The market is still not recovered and we may see more FUD or selling pressure next month. I'm pretty sure they're already working on a good strategy to sell their remaining Bitcoin holdings.

[bee]

It seems that the German government has discovered the benefits of crypto trading (if we can call it that). According to the information that appeared, Germany bought a little less than 2000 BTC, and with all the inflows and outflows, it seems that they now own about 40 000 BTC. The game continues...

Germany seems to be enjoying and making good use of the power of the news media to increase the number of holdings. Another assumption, perhaps due to a suggestion from one of their MPs: https://cointelegraph.com/news/german-mp-urge-government-stop-selling-bitcoin

German lawmaker and Bitcoin activist Joana Cotar has urged the government to stop its “hasty” Bitcoin selling spree and adopt it as a “strategic reserve currency” to shield against risks in the traditional system.

In fact, this advice had a good effect (if indeed thanks to that) in stopping the panic, but with large amounts of bitcoin still in the hands of institutions it could be another worry in the future where the same scenario could occur.

[Lucius]

@bee, I wonder who even manages that BTC when their decisions are influenced by some activist who didn't remember to tell them before they decided on their summer crypto adventure. It all looks very amateurish and without a plan, and honestly it would be best for everyone if they sell as soon as possible - because if they play with that BTC, the whole drama will last for months.

If they wanted to get rid of that "burden", they could simply donate everything to good causes - there are organizations in the world that would know how to use that money for good purposes.

[Stompix]

The game continues...

In a surprising reversal, the German government, known for the recent large-scale Bitcoin sell-offs, has just bought back a significant amount of the BTC. Data from Arkham Intelligence reveals a purchase of 1,915 BTC, worth $111.5 million, from major exchanges Kraken, Bitstamp, and Coinbase. --- Amid the inflows and outflows, the government wallet now holds 40,526 BTC worth over $2.29 billion.

Those guys should really understand that someone moving coins to an exchange doesn't mean it has sold and someone moving out doesn't mean they have bought, they could have simply sent a few million then decided to not sell all and got it back.

Plus, the whole thing becomes ridiculous since immediately after that funds have again gone back to Kraken!
Not to mention some other minor details, it's not the government that sells them, it's the Bundeskriminalamt, and you can't stop federal agency without a court order, because you're interfering with federal laws.

@bee, I wonder who even manages that BTC when their decisions are influenced by some activist who didn't remember to tell them before they decided on their summer crypto adventure.

Well, actually...it's a 10 years crypto firm and OTC dealer that manages these:
https://cumberland.io/about

[Lucius]

@Stompix, you know how people are, as soon as they see that transactions are made from some publicly known address on CEXs, most of them immediately think that the coins are for sale - although if you send to CEXs, then your intentions are quite clear, unless you are playing a dirty game and want to a way to cause panic and crash the price.

Also, many of us don't know the exact way things work in Germany, but if it's a crypto company with experience, then I guess they know what they're doing. I would still say that they messed up a bit, because they could have done it quickly and efficiently without affecting the price for days - sell everything in one day (if possible) and be done with it.

[Stompix]

@Stompix, you know how people are, as soon as they see that transactions are made from some publicly known address on CEXs, most of them immediately think that the coins are for sale - although if you send to CEXs, then your intentions are quite clear, unless you are playing a dirty game and want to a way to cause panic and crash the price.

Well, as new info pops it seems that there was an agreement in the case of the MtGox coisn that they would be locked between 60-90 days in the accounts of the reimbursed victims after the account would be funded, so the clause between the German Police and the company doing this might also have some hidden paragraphs.

I would still say that they messed up a bit, because they could have done it quickly and efficiently without affecting the price for days - sell everything in one day (if possible) and be done with it.

I'm starting to feel that those tacking the addresses and tweeting every time there is a move are doing more harm than the actual sale!

[Lucius]

Well, as new info pops it seems that there was an agreement in the case of the MtGox coisn that they would be locked between 60-90 days in the accounts of the reimbursed victims after the account would be funded, so the clause between the German Police and the company doing this might also have some hidden paragraphs.

I'm hearing about this for the first time - but does that mean that the victims should have provided the public address that comes with the CEX, and not with the non-custodial wallet? Maybe I misunderstood, but if after 10 years you pay someone what belongs to him and then lock up his funds for xx days - is there an end to the agony of those people?

I'm starting to feel that those tacking the addresses and tweeting every time there is a move are doing more harm than the actual sale!

I don't doubt it in the slightest, because the panic spreads through the media - they make money from it, and on the other hand, they obviously do someone a big favor. In anticipation of a new bull run, every price correction is just a gift for those who know how to take advantage of it. The fact is that "they" are buying, because otherwise it seems to me that the price would have gone much lower than it was the case.

[Faisal2202]

Yes, it's confirmed and I'm quite sure they'll keep selling more of their Bitcoin holdings next month or maybe in this month.

They were doing it aggressively before but now the German government will do it by following a good strategy.

The market is still not recovered and we may see more FUD or selling pressure next month. I'm pretty sure they're already working on a good strategy to sell their remaining Bitcoin holdings.

I was just trying to be funny with the pmbug that he said before the dump and the real selling would start that it did not start and I replied when the dump occurred that yeah you are right. Haha. Well, I recently made a post on BTT, that they have left with around 13k BTC now and they will definitely sell them. And media is now focusing the word from Germany to Saxony because they said it was not the Germany that sold the BTC but it was the free state of Germany which had it,s own president.

Market has recovered to some extent but now we are going to see another distribution from FTX exchange which is of $16 billion dollars. I don't know yet what's the plan, I mean in which currencies they will distribute the funds, but I read somewhere that they will distribute in cash which will be a good thing otherwise no one can stop market to go below $50k

[TomPluz]

Market has recovered to some extent but now we are going to see another distribution from FTX exchange which is of $16 billion dollars. I don't know yet what's the plan, I mean in which currencies they will distribute the funds, but I read somewhere that they will distribute in cash which will be a good thing otherwise no one can stop market to go below $50k

True, Bitcoin is getting stable right now settling at around $57K yet there can be more selling pressures ahead all because of the coming FTX distribution though I am not sure what can be the percentage of BTC to what they will release...and then MtGox has not been fully resolved yet...let's hope that all of these developments are already factored in to the current price so there will be no major impact anymore. There is no choice for now but to ride on the waves and just continue hoping that we can see a green island to land on. Things will hopefully get better at the right time and then we will see Bitcoin achieving a new ATH so we will all be smiling and excited again.