A Bitcoin user has sent the German government an on-chain inscription with the message that taxes are robbery amid the recent asset sell-off by the country. This past few days have seen massive sales from the government with over half of seizures transferred to centralized exchanges and wallets. Bitcoin price slumped due to sell pressure before a slight recovery on the back of related developments.
Bitcoin User Sends Inscription to German Govt
Bitcoin users have expressed several reactions to the actions of the German government regarding the movement of the asset to exchanges. On-chain from blockchain analytics firm Arkham Intelligence shows an Inscription sent to the German government’s wallet stating “Taxes are robbery, gm.”
This comes as crypto users criticized the government for selling the Bitcoin stash putting pressure on the market. Adding to this was German lawmaker Joana Cotar adding to the debate asking authorities to look towards increasing reserves rather than selling Bitcoin. The sale of Bitcoin alongside the repayment of Mt Gox creditors led to a crash in the assets below the resistance level.
At the moment the German government has sold over 50% of seized BTC transferring assets to Bitstamp, Coinbase, and Kraken. The series of sales has left the wallet with 22,845 BTC with many users projecting more sales. A major concern of crypto users is the pressure sales placed on the market in the wake of macro sentiments. TRON’s Justin Sun offered to buy the asset from the government on C (formerly Twitter).
Bulls Expect Price Upswing
Most users expressed optimism of a long-term market upswing following days in the doldrums. At press time, the asset’s price is at $57,784, a 2.1% increase in the last 24 hours. In the last seven days, Bitcoin plummeted 7% falling below the $55,000 mark leading to wide liquidations in billions. Analysts look to cooling inflation to projected rate cuts which will boost the market as funds will flow to risky assets. Similar trading patterns are also seen in altcoins this week.
Also Read: Fed Chair Jerome Powell Testimony Sets Bitcoin (BTC) on Bullish Course
The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.
